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article in manila standard

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    hi guys

    article in Manila Standard today 8/9/05

    thought you might be interested

    the more exploration in this area the better, if they discover any new oil/gas fields this certainly has an upside for other companys ie:Nido

    as we know Nido recently received service contract SC54.

    shall be very interesting to see how they move forward in particular Joint Venture Partner(s)..

    PNOC, DoE woo China Oil
    By Alena Mae S. Flores

    State-owned Philippine National Oil Co. (PNOC) and China National Offshore Oil Co. (CNOOC) will invest P1.1 billion, or about $20 million, in the next three years to jointly explore oil and gas reserves in offshore Calamian Island in northwest Palawan.

    PNOC president Eduardo Mañalac said negotiations are ongoing with CNOOC for farm in agreements to explore in Calamian, an area near the Malampaya gas field.

    “We feel very optimistic of finding new fields in the block,” Mañalac said, adding that the Department of Energy is set to award a service contract to the consortium this week.

    The service contract, if approved by the DoE, is an offshoot of an earlier agreement formed by PNOC-CNOOC last April for “upstream opportunities in the Calamian area.”

    The agreement was signed by Mañalac and CNOOC general manager Fu Chengyu, during the state visit of Chinese President Hu Jintao.

    Mañalac also disclosed that PNOC has an existing tripartite agreement with CNOOC and Vietnam Oil and Gas Corp. (PetroVietnam) for a joint marine-seismic undertaking in the South China Sea.

    The agreement with China and Vietnam calls for a joint oil exploration venture in the disputed Spratly Island, an oil-rich island south of Palawan.

    Aside from the Philippines, other countries seeking territorial claims to the area include China, Vietnam, Brunei, Malaysia and Taiwan.

    The joint project will gather geo-scientific data to assess the petroleum resource potential of an agreed area in the South China Sea covering 142,886 square kilometers.

    Under the agreement, PNOC, CNOOC and PetroVietnam will share the $7.14 million project cost and facilitate the conduct of the geophysical survey for data gathering and processing.

    Mañalac said seismic vessel Nanhai is scheduled to conduct the seismic study starting this month to October.

    The seismic data will then be processed in Vietnam and analyzed by experts in the Philippines.

    President Gloria Macapagal Arroyo earlier said that government’s decision to enter into a tripartite agreement does not amount to renouncing its territorial claim to the disputed Spratly group of islands.

    The President described the Philippine-China-Vietnam accord as a “diplomatic breakthrough for peace and security” in the region.
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