BHP Billiton unit, PNOC-EC to explore for oil in Palawan
11/25/2009 | 03:49 PM
Starting December, a unit of BHP Billiton, the world’s largest mining company, and the Philippine National Oil Co.-Exploration Corp. (PNOC) will explore for oil in Palawan together.
Under a participation agreement, BHP Billiton Petroleum and PNOC-EC will look for oil in block SC 59, PNOC-EC said in its disclosure to the Philippine Stock Exchange (PSE).
Both companies are expected to share costs for drilling in deep waters, which is expensive, an official said in July this year.
Located in the southwesternmost tip of Palawan, the area covers an estimated 14,769 square kilometers (5,698 square miles) which has depths of up to 3,000 meters (9,850 feet).
The BHP Billiton unit will hold 75 percent interest in the block while the remaining 25 percent will be subsumed under PNOC-EC, the PNOC-EC said.
Australia’s BHP will become operator once all necessary approvals have been obtained from the Philippines’ Department of Energy, PNOC-EC said.
Earlier, PNOC-EC conducted exploration activities after it acquired more than 2,000 kilometers of seismic lines. - Robert JA Basilio Jr., GMANews.TV
Under a participation agreement, BHP Billiton Petroleum and PNOC-EC will look for oil in block SC 59, PNOC-EC said in its disclosure to the Philippine Stock Exchange (PSE).
Both companies are expected to share costs for drilling in deep waters, which is expensive, an official said in July this year.
Located in the southwesternmost tip of Palawan, the area covers an estimated 14,769 square kilometers (5,698 square miles) which has depths of up to 3,000 meters (9,850 feet).
The BHP Billiton unit will hold 75 percent interest in the block while the remaining 25 percent will be subsumed under PNOC-EC, the PNOC-EC said.
Australia’s BHP will become operator once all necessary approvals have been obtained from the Philippines’ Department of Energy, PNOC-EC said.
Earlier, PNOC-EC conducted exploration activities after it acquired more than 2,000 kilometers of seismic lines. - Robert JA Basilio Jr., GMANews.TV
