PetroEnergy to seek new local oil, gas drill operations

PetroEnergy to seek new oil, gas drill operations

PetroEnergy Resources Corp. is in talks of preparations for drilling activities as they study local oil prospects once the international oil market improves.

The publicly-listed energy firm, along with its partners, is waiting for oil prices to recover before proceeding to any drilling projects on and offshore.

Based on World Bank’s estimates, crude oil is anticipating a $55 to $60 per barrel next year, a moderate leap from 2016’s $43 per barrel average, yet it’s still a downturn compared with the $104 per barrel average in 2013.

PetroEnergy has pending four oil projects that are drill-ready particularly Service Contract-6A (Octon-Malajon) and SC-14C2 (West Linapacan-Galoc) in northwest Palawan owning 16.67 percent and 4.137 interest respectively; SC 51 in the east Visayan basin with 20.05 percent; and SC 75 in offshore northwest Palawan with 15 percent.

In an analyst briefing, company vice president Francisco Delfin Jr. said that the Octon and West Linapacan projects are in the more “advanced” projects in the country.

“[There’s] no planned drilling [this year] but after our operators for Octon and West Linapacan are completing the technical studies in order to mature the prospects into drillable status by the time the oil market improves,” he said.

The consortium has an ongoing reprocessing and quantitative interpretation of the SC 6A’s previous seismic data for eventual drilling of the Octon, Malajon and Salvacion prospects.

For SC 14C2, PetroEnergy and its partners are also looking into the project’s quantitative interpretation of data for new field developments.

On the other hand, the company is planning to conduct a pore pressure study gravity survey for SC 51 to evaluate further leads.

PetroEnergy is an energy company under the Yuchengco Group of Companies established in 1994 to lead in oil exploration and has since expanded to renewable energy and power generation.