Business Mirror
Published on Tuesday, 03 September 2013 19:37 Written by Lenie Lectura / Reporter
OTTO Energy Ltd., a firm engaged in onshore and offshore oil and gas projects in the Philippines and East Africa, was awarded Service Contract (SC) 73 by the Department of Energy (DOE).
The contract area covers the southern part of the Mindoro Basin-Cuyo Platform, a continental rift basin with an area of 8,440 square kilometers with water depths ranging from 100 meters to 1,300 meters.
According to the company web site, SC 73 has the potential to restock Otto’s existing high-impact exploration portfolio. The award of the contract is a reflection of Otto’s significant expertise in the Philippine oil and gas industry, the company said.
“The addition of this new exploration acreage is consistent with our strategy to build an integrated exploration, development and production company focused on Southeast Asia and East Africa. Service Contract 73 has the potential to restock our existing, high impact, exploration prospect inventory,” Otto Chief Executive Officer Gregor McNab said.
With the award of the contract, Otto will now proceed with the reprocessing of existing seismic data with a minimum financial commitment of $0.5 million within an initial period of 18 months. There is already an existing 2D seismic data set of over 3,000 kilometers covering the block, the company said.
Otto Energy is among the proponents of SC 55, also known as the Cinco well, which is situated near the Malampaya gas field. ”
In July Otto announced a decision to abandon exploration work in Leyte under SC 51, citing safety and environmental risks. It said it has informed its local partners about its decision to “plug-and-abandon Duhat-2 well in San Isidro, northwest Leyte. source
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