[admin 02] PNOC-EC, Shell set joint study of Offshore West Palawan Basin Manila Bulletin State-run Philippine National Oil Company-Exploration Corporation (PNOC-EC) is joining forces with Dutch firm Shell Philippines Exploration B.V. (SPEX) for the conduct of a joint study of the petroleum potential of offshore West Palawan. Based on the timetable drawn, the study will stretch for a year starting 2013. The parties intend to gather data that may show the potential of the area for prospective upstream oil and gas developments. "The project focuses in understanding the geology and petroleum potential of the area," a document from PNOC-EC has emphasized. It has been qualified that "the joint study will be an opportunity to exchange ideas and insight derived from collaborative work between Shell and PNOC-EC including transfer of technology." PNOC-EC and Shell are currently interest-partners in the existing Malampaya gas field project under Service Contract (SC) 38, with the former taking the minority stake; while the Dutch firm is the operator. The other major interest-holder is Chevron Malampaya LLC. The SC-38 consortium members are currently working on the phases 2 and 3 of the Malampaya field development. This entailed additional investment of $1 billion. For this venture, the cash call on PNOC-EC amounted to $101.98 million, according to company documents. The state-owned firm made two-tranche allocations: $25.34 million for Malampaya phase 2 or the scheduled two well drillings; and $76.64 million for Phase 3 for the installation of depletion compression platform at the gas production facility. The company said the total financing can be sourced from internally-generated cash. Project completions are slated 2014 for phase 2; and 2015 for phase 3. Such round of investments, according to the Malampaya contractors, would be necessary to enhance the level of gas extraction from the field and for them to meet their committed volumes under their gas sale and purchase agreements (GSPAs) with off-taker power plants. ......@yahooph on Twitter and Facebook ....Make Yahoo! your homepage....
Posted on: Mon, 19 Aug 2013 04:22:24 +0000
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