Offshore Palawan area seen to contain 5B barrels
In a regulatory filing, Nido Petroleum explained that based on the final results of the detailed geochemical analysis conducted earlier this year, the traces of liquid hydrocarbons detected in the cores have been derived from mature oil- and gas-prone source rocks similar to the nearby Malampaya field.
The liquid hydrocarbons were also found to be of a similar composition to those which are interpreted to have generated the hydrocarbons discovered in the shallower waters of the Northwest Palawan continental region.
“Geochemical confirmation of the composition and origin of the micro-seeped hydrocarbons detected in the cores significantly mitigates what Nido considers to be the key subsurface risk in deepwater SC 58 block--evidence of an active source system,” said Jon Pattillo, head of exploration at Nido.
“In a similar way to the Malampaya [structure] being the likely source for the majority of oil and gas discoveries in-board of SC 58, including the giant Malampaya gas field, equivalent-aged [structures] mapped in SC 58 can now be considered as viable source systems to charge the large Balyena, Butanding and Dorado prospects mapped in the block. This is a very exciting development. Not only are individual prospect probability of success (POS) improved, but it highlights the substantial upside in the SC 58 deepwater fairway,” Pattillo explained.
Nido Petroleum holds a 50-percent stake in the SC 58 license, while PNOC-Exploration Corp., the upstream and coal arm of the state-owned Philippine National Oil Co., holds the remaining half.
According to Nido, its forward exploration program in SC 58 would now focus on full integration of geochemical results with ongoing seismic reprocessing studies aimed at detailing the extent of the source rock systems within the block.
“This work will conclude in early 2011 following final risking/ranking of the prospect inventory and the selection of drilling candidates,” the company added.
Nido Petroleum is currently the dominant player in the Palawan Basin across all water depths from the shallow water areas that include its two producing oil fields at Galoc and Tindalo, mid-water depth that holds the Gindara drilling target, through to the deep water area of SC 58 and SC 63 where a host of leads and prospects have been identified.
No comments:
Post a Comment