Shell completes Philippines survey

Offshore staff

MANILA, Philippines -- Shell Philippines Exploration BV and partners Kuwait Foreign Petroleum Exploration Co. and South China Resources Inc. have completed a 3D seismic survey in the northwest Palawan Sea.

Shell says the survey over part of the 1-million-hectare (2.47-million-acre) area, was completed Aug. to assess block SC60's exploration potential.

Under the SC60 contract, signed in Jan. 2005, the partners are to invest $24 million on exploration in the first seven years and to carry out oil and gas production over a follow-on 25 years in the event of a commercial discovery.

SPEX holds 55% interest in the block, with Kufpec holding 30% and SCR holding the balance.

8/20/2007