Project Profile
Value: US$100 million
Location: Offshore northwest Palawan basin, Philippines
Water Depth: 1,000m
Area: 13,440 sq km
Reserves: 5 billion barrels
Start-up Year: 2015
Service Contract 58 (SC58) is a large deepwater block of approximately 13,440 sq km that lies immediately outboard of the Malampaya gas field. Water depths are in excess of 1,000 metres over most of the block. Nido Petroleum estimated that the structures in this permit have the potential to contain more than 5 billion bbl of unrisked oil in place.
Operators:
Nido Petroleum: Operator with 50% interest
PNOC (Philippine National Oil Company): 50% interest
Contractors:
Searcher Seismic: Seismic Survey