NorAsian Energy to explore Palawan Sea

Offshore staff

MANILA, The Philippines -- A Filipino-Australian joint venture, NorAsian Energy, is set to begin a major exploration drilling program in the Palawan Sea next year, aiming for oil and gas basins in Southwest Palawan Sea.

Joint venturers AustralAsian Energy Ltd. and Ottoman Energy have set a $30-million budget for exploring the deepwater Marantao oil and gas prospect in service contract 55 in Southwest Palawan and to re-enter the Calauit 1-B exploration well in northwest Palawan, says its chairman Rufiono B. Bomasang, the former top executive of the Philippines National Oil Corp.

A multipurpose semisubmersible rig has been chartered for a three-year drilling program, Bomasang says, pointing out that re-entering Calauit prospects in service contract 50 would cost $22 million.

Calauit 1-B is to be drilled horizontally to test the reservoir, which has the potential of producing 25,000 b/d.

Bomasang says the Argao and Cabilao prospects under service contract 51 in Cebu will also be tested.

11/27/2006