PHILIPPINE NEWS SERVICE — The Energy Department yesterday awarded five petroleum exploration service contracts to four Filipino companies that are expected to bring in minimum investments of $79.2 million.
The five companies are Miocene Mining and Energy Corp., Helios Petroleum and Gas Corp., Burgundy Global Exploration Corp. and NorAsian Energy Ltd.
The department awarded service contract 65, or Area 1-Cagayan Block, to Miocene Mining, and SC 66 or Area 8-Agusan Davao Basin, to Helio Petroleum, two oil contracts, SC 67 and 68 in East Palawan, or Area 5-Block 1 and Area 6-Block 2, to Burgundy Global, and SC 69, or Area 8-Visayan Basin, to NorAsian Energy.
Energy Secretary Angelo Reyes reminded the oil exploration companies to fulfill their obligations under the contracts.
“We were woeful of the statistics that our oil reserves are largely unexplored. Today’s signing brings us closer to our goal of energy independence amid the high oil prices globally,” Reyes said.
At the signing ceremony were representatives of the service contractors, namely Rudolph Darius Abad of Miocene Mining, Richer Andaya of Helios Petroleum and partner Eduardo Alingarog of Cenozoil Energy Corp., Rogelio Serafica of Burgundy Global, Rufino Bomasang of NorAsian Energy and partner, former Energy Secretary Francisco Viray of Trans-Asia Oil & Energy Devt. Corp.
The projected seven-year exploration investment commitment of $79.2 million brings to $456.85 million the total pledge since 2004. There are now 33 active service contracts to date.
Miocene Mining plans to conduct a seismic survey over the Cagayan Basin block in order to identify potential sites for drilling of at least two wells. The company placed the total investment for the seven-year work program from $7 million to $21 million.
Areas 5 and 6 are located in the Sulu Seas southwest of Palawan. Burgundy Global plans to acquire seismic data and drill four wells in each of the areas with investments totaling $21.7 million for each area.
Area 6 is located in offshore Central Visayas surrounded by the islands of Cebu, Bohol and Leyte. NorAsian plans to acquire seismic data and drill a well with costs totaling $11.2 million.
Area 9 is located in the northeastern portion of the Mindanao island. Helio Petroleum and Cenozoil plan to acquire seismic data and drill at least two wells with investments of $6.55 million.