Status of Philippine Oil and Gas Exploration and Development
Ismael U. Ocampo
Abstract
A total of twenty-one (21) contracts are currently active in the Philippines. Of these, one is a Geophysical Survey and Exploration Contract (GSEC) while the remaining twenty contracts are Service Contracts (SCs).
Offshore Northwest Palawan is host to six SCs while the Visayan Basin (mostly in Cebu) is host to five SCs. Sulu Sea and offshore Mindoro has a total of four SCs and the remaining five SCs are in Luzon (Cagayan Basin), Ragay Gulf and in the Agusan-Davao Basin. The GSEC is located in the Reed Bank area.
The Malampaya Deepwater Gas-to-Power Project is one of the biggest investments in the country. It continues to supply natural gas to three power plants located in southern Luzon.
Currently, there are plans to develop and produce oil from the Malampaya Oil Rim. A possible mode of production is through the use of a Floating Production and Offshore Storage (FPSO) vessel. |
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