Author Topic: Service Contract No. 75 Northwest Palawan  (Read 100 times)

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Service Contract No. 75 Northwest Palawan
« on: August 12, 2017, 05:20:56 AM »
From: http://pnoc-ec.com.ph/sc-75-northwest-palawan/

Service Contract No. 75 Northwest Palawan

Project Location : Northwest Palawan Basin

JV Partners and Percent Equity :  PXP Energy Corp., former Philex Petroleum (Operator) 50%, PNOC Exploration Corporation 35%, PetroEnergy Resources Corporation 15%.

Project Description : SC 75 was a successful joint bid of Philex Petroleum (now PXP Energy), PetroEnergy, and PNOC EC for Area 4 under the 4th Philippine Energy Contracting Round awarded by the DOE on 27 December 2013. It covers an area of 6,160 sq. km. in the offshore Northwest Palawan Basin with water depths at 1,000 to 2,600 m. It is located west of SC 58 and north of SC 63.

Brief Background : The SC 75 Consortium conducted 2D seismic acquisition survey in 2014 and acquired about 2,235 km. of 2D seismic data over the block. It also acquired 2,337 km gravity and magnetic data aside from the reconnaissance satellite gravity data. These data were all processed and then interpreted to determine the prospectivity of the block.

However, there were uncertainties in continuing the exploration activities in the block being within the disputed area with China. On 9 September 2015, the DOE granted force majeure to SC 75 work commitments for Sub-Phase 2 effective in December 2015 until the DOE notifies PXP Energy to resume its petroleum-related activities.