Filtered By: Money
Money

Polyard prepares for exploratory gas drilling in CLuzon


Macau-based Polyard Petroleum International Co. Ltd., operator of the Central Luzon Gas Project, will start preparations for exploratory drilling in Central Luzon by the third quarter. "Preparation work for drilling will be undertaken in the third quarter," company documents showed Friday. "Exploration programs of the gas project have proceeded as planned. Re-interpretation of seismic data and prospect evaluation will be carried out," it said. The Department of Energy (DOE) awarded service contact 70 to Polyard Petroleum in 2008, which includes Area 2. The contract covers 6,840 sq km in the Central Luzon Basin. Since the 1950s, exploration activities have been conducted in Central Luzon Basin and some wells were drilled in this basin between 1950 and 1960, thirteen of which were located in Area 2. Polyard Petroleum, formerly Kanstar Environmental Technology Holdings, said the DOE granted the company an extension of its exploration period to "guarantee sufficient time for comprehensive analysis of the basin and determination of the location of the first exploratory well." The department expects a total projected investment of $7.2 million for the seven-year petroleum exploration contract. Polyard Petroleum experts earlier said they are still determining exact reserves in the area but it could contain around 1.7 billion cubic meters of gas. Polyard is engaged in overseas petroleum exploration and development. It established Chinaoil USA (Macao) Co. Ltd. as a joint venture with Petrochina in 2005. The company has bagged exploration rights in Brunei. "We are very interested in investment opportunities in the Philippines," Lam Nam, president and chairman of Polyard Petroleum, said earlier. Aside from Polyard Petroleum holding 89 percent, other members of the consortium are East Sun Mining and Power Exploration Co. and Cenozoil Energy. —JE/OMG, GMANews.TV

LOADING CONTENT