Author Topic: Oil Drilling in Bohol Philippines Starts 2011  (Read 1052 times)

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Oil Drilling in Bohol Philippines Starts 2011
« on: December 06, 2010, 03:41:38 PM »
By Bohol Standard

Otto Energy Ltd., an Australian oil exploration firm, is now talking with a prospective partner for the planned oil drilling near the northern shores of Bohol in the first quarter of next year.

In a report, Otto Energy said the drilling at Service Contract 51, located between the islands of Bohol, Cebu and Leyte, will be undertaken by its wholly-owned subsidiary NorAsian Energy Ltd. which owns 80 percent of SC 51.

“Commitment was made to drill the onshore Duhat-1 exploration well on the area. This is a commitment well planned to be drilled to a depth of 1000 metres,” Otto Energy said.

Otto Energy said they are awaiting go signal from the Department of Energy (DOE) to be able to start the drilling process.

The drilling of exploratory well called Duhat-1 is consistent with the company’s service contract timing commitment.

The prospect (SC 51) is estimated to contain potential prospective resource of 93 million barrels of oil. It is also within the Bahay prospect, located along the structural trend, which could be drilled if another prospect near Cabilao Island (Loon, Bohol) and Argao (Cebu) is successful.

“Eleven prospects and leads have been mapped in the southern portion of the block based on 2D and 3D seismic data A potential prospective resource totaling 500 million barrels of oil (best estimate) is presently identified in southern SC51,” Otto Energy said.

The company said the offshore part of the East Visayan Basin is relatively unexplored with only 10 wells drilled in the region.

NorAsian’s partners in the contract area are Trans Asia Oil and Energy Development Corp., Alcorn Gold Resources Corp. and Petro-energy Resources Corp.

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