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The local units of US oil giant Exxon Mobil and Malaysian firm Mitra
Energy Ltd. plan to start drilling activities in the Sulu Sea by the
fourth quarter of the year.
The petroleum exploration area being eyed for
drilling by the oil and gas firms is covered by service contract 56
(SC 56) in the deepwater portion of the Sandakan Basin, southwest of
the Philippines.
SC 56 covers an area of over 8,500 hectares in
the Sulu Sea, which is considered to be one of the most prospective
areas for oil and gas exploration as indicated by the previous
drilling activities and its proximity to producing sites.
Exxon Mobil, which operates the said SC, has
tentatively set its drilling program for the fourth quarter with
investments estimated to reach $75 million to $100 million.
Stephen Greenlee, Exxon Mobil Exploration Co.
earlier said that, “if we’re successful and we find what we hope
to find, then the development of the site would be several billion
dollars.”
Exxon Mobil is a leading international energy
company whose subsidiaries have operations in nearly 200 countries
and territories worldwide.
In the Asia-Pacific region, Exxon Mobil has
major exploration and production operations in Australia, Malaysia,
Papua New Guinea and Indonesia.
Besides SC 56, Mitra also has an interest in SC
57 in the area off Calamian Island, in southern Philippines.
The Malaysian oil firm tied up with Exxon Mobil
for a farm-in agreement in SC 56 in 2006, which was approved by the
Department of Energy last year.
Mitra is the same company that won the contract
to partner with state-controlled PNOC-Exploration Corp. in
developing the oil leg of the Malampaya natural gas field. This
agreement, however, was nullified when President Gloria Arroyo
issued an executive order requiring the exploration, development and
production of crude oil from the Camago-Malampaya reservoir should
undergo a public bidding.
-- Euan Paulo C. Añonuevo
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