Written By Kit Bagaipo
The Bohol Chronicle
Drilling of oil deposits at the Bohol Strait is scheduled to start within the next two years.
The presence of commercially and economically viable petroleum resources between Bohol and Cebu was finally confirmed by the DoE and Otto Energy Ltd., the Australia-based company contracted by the Philippine government to explore oil and natural gas deposits in the Visayan basin and offshore Palawan.
In an advisory given to the DoE by Otto Energy, the latter reported that it is raising $11.02 million to fund the oil drilling off Cabilao Island in Loon town including the Argao, Cebu side.
Otto Energy owns and controls NorAsian Energy Ltd., which conducted the controversial seismic survey at the Bohol-Cebu seas last June.
Although the drilling was set to start earlier, Otto Energy revised its drilling program after completing the seismic exploration here.
The DoE has likewise approved the revised exploration work programs giving the Australian energy firm until March 2009 to drill the first wells at the Bohol-Cebu seas.
By August 2009, Otto Energy will commence drilling for the Marantao prospect in offshore Palawan.
These deadlines, Otto Energy's advisory stated, are in line with recent developments in the company's overall exploration program, particularly the completion of its seismic surveys over Service Contract (SC) 50 at Calauit oil field, SC 51 Argao-Cabilao and SC 55.
To fund the oil drilling on these three Philippine service contracts, Otto Energy will be issuing an additional 36.73 million shares of stocks.
Deposits in the Argao and Cabilao area are confirmed to contain up to 270 million barrels (MMbbls) of recoverable oil in conventional sandstone reservoirs, Otto Energy's report stated.
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Topic: Oil Drilling in Bohol two years from now (Read 1349 times)