MANILA – The Department of Energy (DOE) bared Thursday that Israeli firm Ratio Petroleum, the operator of Service Contract (SC) 76, has found prospective oil and gas deposits in the north part of East Palawan Basin as a result of its exploration within the block.
“Ratio Petroleum, the operator of SC No. 76, has identified two possible petroleum plays with over 20 leads delineated within their contract block following the completion of the first phase of their work program in October 2020,” DOE said in a statement.
A play pertains to a group of oil fields while a lead is a subsurface with the potential to have entrapped oil or natural gas.
“Ratio Petroleum’s initial work program has resulted in the identification of numerous leads that emphasize the prospectiveness of the basin. Several leads show clear anomalies, which supports the concept of the basin being gas-prone,” DOE Undersecretary Alessandro Sales said.
The DOE awarded SC 76 to the Israeli petroleum exploration and development firm in October 2018, with an initial investment of USD34.35 million for its studies, data gathering and drilling within its seven-year contract.
Ratio Petroleum’s work program in the SC 76 will be in three phases, which include the acquisition of 2D seismic data, the acquisition of 3D seismic data and drilling of one of the wells.
“As the company is seeking a partner to participate in unlocking the basin’s potential at the early stages of exploration, this would be an opportunity for interested parties to take part in the next phase of planning and acquiring 3D seismic data, which will further define the full potential of SC 76,” Sales said.
He said that with the depleting gas reserves in Malampaya natural gas field, the country should reinvigorate petroleum exploration activities.
“While it is capital-intensive to carry out exploration programs, with the depletion of the Malampaya reservoir and the continuing volatility of fossil fuel prices in the past years, we need an aggressive push to explore for new oil and gas fields for the furtherance of our energy security,” he added. (PNA)