By Kit Bagaipo
The Bohol Chronicle
The Australian firm that bagged the oil exploration contract at the Bohol-Cebu Strait is expected to be awarded the petroleum contract off northern Bohol.
Otto Energy Ltd., in its financial results disclosure for the first quarter of 2008, bared that it expects the Department of Energy (DOE) to award the oil exploration of Area 8 petroleum block before the end of next month.
Area 8 which is under the 2006 Philippine Energy Contracting Round, lies in the northern seas off Bohol in between Cebu and Leyte. The area is also the site of the Danajon Double Barrier Reef, a very rare geological formation and a marine protected area.
It is scheduled for another seismic survey this year and in the early part of 2009. Area 8 spans an area of 7,004 square kilometers.
Otto Energy said that DOW had advised its subsidiary NorAsian Energy Ltd. and partner Trans-Asia Oil and Energy Development Corporation that they were ranked as the "preferred bidder" for the Area 8 service contract.
"Given the block's location adjoining SC 51 (the Cabilao Island in Loon and Argao in Cebu prospect), this area offers significant follow-up potential in additional structures if NorAsian has success in the drilling in the adjoining SC 51," it said.
Linkback:
https://tubagbohol.mikeligalig.com/index.php?topic=12569.0
Topic: Winning Bidder of the Bohol Oil Exploration Contract (Read 1014 times)