Petronas/PNOC to drill Mindanao well

Petronas and PNOC expect to drill an exploration well in the Services Contract 47 (SC47) block offshore Mindanao in July or August, an official at the Philippine National Oil Co. (PNOC) says.

Offshore staff

KUALA LUMPUR, Malaysia -- Petronas and PNOC expect to drill an exploration well in the Services Contract 47 (SC47) block offshore Mindanao in July or August, an official at the Philippine National Oil Co. (PNOC) says.

Petronas and PNOC expect the joint venture to invest $22.5 million on initial drilling activities in the block, which is considered one of the most prolific regions.

The partners are expected to drill another exploration well next year and two wells in 2009.

Petronas has an 80% stake in the block with PNOC holding the remaining 20%.

6/14/2007

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