Ratio Petroleum to begin 2nd phase of work program on SC 76

By Kris Crismundo

March 18, 2024, 2:24 pm

MANILA – Israeli firm Ratio Petroleum Ltd.,the operator of Service Contract (SC) 76, will begin the second phase of its work program on the block this month, the Department of Energy (DOE) said Monday.

The work program’s second phase will involve a 3D seismic survey in the East Palawan Basin, 150 kilometers east of Puerto Princesa.

In a statement, the DOE said Ratio Petroleum has tapped Shearwater GeoServices to deploy its seismic vessel SW Thuridur for the 3D seismic survey.

“The comprehensive 3D seismic survey will employ state-of-the-art technology and methodologies to acquire a high-resolution imaging of the subsurface geology,” it said.

“By capturing detailed and high-quality seismic data within the block, Ratio aims to enhance its understanding of the basin's geological characteristics, gather high-quality geophysical data, identify optimal drilling locations with greater precision, and assess the potential for new oil and gas discoveries in offshore East Palawan,” it added.

The 3D seismic data gathering will cover 1,500 square kilometers of the block for a 35-day period.

The DOE said the 3D seismic survey on the SC 76 has the full support of the local government of Palawan and all concerned government agencies, such as the Maritime Industry Authority, National Security Council, Philippine Coast Guard, Philippine Ports Authority, Department of National Defense, Department of Environment and Natural Resources, Bureau of Fisheries and Aquatic Resources, Bureau of Customs, Bureau of Immigration, Bureau of Quarantine and Palawan Council for Sustainable Development.

The government awarded the SC 76 to Ratio Petroleum in October 2018, with an initial investment of USD34.35 million for studies, data gathering and drilling for its seven-year contract.

In February last year, the DOE said Ratio Petroleum found prospective oil and gas deposits on SC 76 to augment the existing indigenous power resources of Malampaya natural gas field in the Northwest Palawan Basin. (PNA)