Author Topic: Service Contract 40 - Libertad Gas Field  (Read 906 times)

adroth

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Service Contract 40 - Libertad Gas Field
« on: September 01, 2019, 04:51:34 PM »
Looking for oil in Northern Cebu
May 30, 2019

https://www.sunstar.com.ph/article/1807934

AFTER the successful oil exploration off the shores of Alegria in southwestern Cebu, the Department of Enegy (DOE) has announced that it is currently looking for oil in the northern part of the province.

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FEI, formerly Cophil Exploration Corp., is the operator of Service Contract 40 (SC 40), or Libertad Gas Field.

The gas field is 100 percent operated by FEI, a company owned by Forum Energy Corp. of Canada and local firm Forum Pacific Inc. FEI was awarded SC 40 by the DOE in 1995. Under the contract, FEI is responsible for the execution of the operations and will assume exploration risks.

SC 40 covers the northern half of Cebu Island plus part of the Taņon Strait to the west and of the Visayan Sea to the north. Libertad Gas Field is located southeast of Bogo City proper.

SC 40 Contractors are undertaking a 25-year production program that started in November 2005 following the Joint Determination of Commerciality (JDC) of the onshore Libertad Gas Field by FEI and the DOE. FEI initially intended to produce the gas for power generation. However, in 2006, the DOE mandated FEI to seek partners to develop the field with FEI only as a supplier of natural gas.

On Jan. 30, 2009, FEI and Desco Inc. signed a Gas Sales and Purchase Agreement (GSPA) for the development of the Libertad Gas Field for power generation.

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« Last Edit: September 09, 2019, 03:44:27 AM by adroth »