Australian energy firm Sacgasco Ltd., operating as Nido Petroleum in the Philippines, targets new offshore oil developments in the Palawan Basin, the Department of Trade and Industry (DTI) announced.
DTI said that Sacgasco is looking to get a drilling rig by early next year for an extended well test on the revitalization of the Cadlao oilfield under Service Contract (SC) 6B in the Palawan Basin.
Furthermore, drilling activities and an extended well test will be conducted in the Nandino prospect under SC 54A to “fully develop a discovery at Nandino,” DTI said.
Sacgasco managing director Gary Jeffrey said that the company sees “massive opportunities” in developing oil and gas in the Philippine territory, adding that they are looking to explore the areas with large potential near the Malampaya Gas Field.
Jeffrey added that successful drilling near the Malampaya area under SC 58 “would dramatically change the Philippines’ energy picture for the better.”
DTI said that Jeffrey and Sacgasco will be visiting the country to meet with its local partners, the Energy Department, and other stakeholders, as the company continues to accelerate plans for offshore oil developments in the Philippines.
The Trade and Industry department said that the government prioritizes the equilibrium price for energy and assures support for foreign investments as the Board of Investments (BOI), with endorsements from the DOE, guarantees incentives focused on “energy-related products to achieve efficiency, cost reduction, ensure continuous supply of petroleum products, and enhance environmental protection.”
Earlier, the BOI approved $6 billion of renewable energy investments in the country.
