Philippine National Oil Co. and Petroliam Nasional Bhd (Petronas) expect to start exploratory drilling offshore Mindoro Island in the Philippines by early next year.
Following the signing of the farm-in agreement, PNOC-EC and Petronas Carigali filed a new services contract with the Philippines DOE, replacing the GSEC 100 contract, which expired on January 13, 2004. The contract has a seven-year exploration terms.
PNOC-EC and Petronas Carigali have completed a seabed logging survey in the area to check if there are oil seeps at the ocean floor.
Offshore Mindoro is in the same petroleum province as northwest Palawan which has commercial oil and gas production.