Ayala exploration arm ACE Enexor Inc. is in search of a deep-pocketed and technically experienced partner for its planned exploration venture off the northwestern coast of Palawan, according to its chairman Eric Francia.
In addition, Francia noted that the company is also preparing for the drilling of two wells at its Service Contract (SC) 55 site – with the first one targeted in April 2022.
Formerly handled by Australian firm Otto Energy, the SC 55 petroleum block was acquired by ACE Enexor earlier this year. Located off the western coast of Palawan, the potential gas field covers an area of 9,880 square kilometers.
ACE Enexor said it particularly will work on drilling an appraisal well with a budget of $1,702,020 (Php81.8 billion) with the bigger goal of having a commercial-scale discovery to replace Malampaya, of which its resources are depleting. Malampaya is the country’s sole indigenous gas source.
The Ayala executive believes that the Philippines is still in a fledgling state when it comes to upstream petroleum ventures, thus the group wishes to take advantage of such investment opportunities.
Since gas is also considered the best fit for developments in renewable energy, Francia emphasized that the company’s oil and gas exploration underpins the energy investment trajectory that it has cast for the Ayala group.
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