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plans to drill more oil in the northwest palaw

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    Nido Petroleum Plans To drill more oil in the Northwest Palawan

    November 3rd, 2008

    Australia’s Nido Petroleum Ltd. has informed the Department of Energy (DOE) of its plan to drill more oil wells in the Northwest Palawan basin.

    “It is considering to drill additional wells, both in the shallow and deep water portion of the SC (Service Contract) 54 area,” said Energy Secretary Angelo T. Reyes.

    Reyes has commended Nido for the successful completion of the drilling of two wells in SC 54, where the first oil discovery in the Philippines in the last 14 years was recently made.

    The two wells, Yakal-1and Tindalo-1, are both discovery wells drilled from September to October this year utilizing the jack-up rig, Wilboss, owned by Premium Drilling Co.

    The two wells, which are about 5.5 kilometers apart, encountered the Nido limestone which is a proven hydrocarbon reservoir in the basin.

    Reyes said the successful drilling campaign was completed on schedule and within the allotted budget and carried out with exemplary health, safety and environmental performance.

    The DOE chief said the two discoveries confirmed a combined gross oil column of approximately 200 meters.

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