SINGAPORE – Perth-based Nido Petroleum is seeking an oil major to farm-in into its 100% held deepwater concessions in the NW Palawan basin in the Philippines, its exploration head Jon Pattillo said at the 13th Asia Upstream 2008 conference in Singapore.
The company has identified 20 new leads in the basin's Service Contract 54, 58, and 63, covering some 3 million hectares (7.4 million acres) of offshore area after completing an extensive 3D survey last year, he said.
The next move is to secure a strategic partner to execute a statistically significant exploration program, expected in the last half of 3Q 2008, Pattillo said.
He said the company also was preparing to produce oil from the Galoc 3 and Galoc 4 wells in the basin from April, earnings from which would finance the extensive exploration program.
Galoc 3 is set to produce 5,397 b/d of oil and Galoc 4 6,565 b/d. The wells are now ready for production with an FPSO vessel due on side and subsea installation in place.
Nido has invested $104 million on the Galoc wells, which has production life of about five years.