2 energy companies pursue oil, gas exploration in Palawan

By Alena Mae S. Flores – July 30, 2024, 7:00 pm
from manilastandard.net

The Department of Energy (DOE) said Tuesday two companies completed the 3D seismic surveys in Palawan in line with the government’s efforts to boost petroleum exploration, enhance energy security, unlock untapped resources and drive oil and gas exploration and development in the country.

The DOE said in a statement Ratio Petroleum Ltd. (Ratio) in East Palawan Basin under Service Contract (SC) No. 76 and PNOC Exploration Corporation (PNOC-EC) in the Northwest Palawan Basin under SC 57 completed their offshore 3D seismic surveys.

Ratio, an Israeli company and PNOC-EC engaged Shearwater GeoServices to deploy the seismic survey vessel SW Thuridur and acquired 3D seismic data over the SC blocks 76 and 57, respectively.

These seismic surveys were approved by the DOE as part of their work commitments in their service contracts.

Both work activities were also conducted with the full support of the provincial government of Palawan and government agencies such as the Department of Environment and Natural Resources (DENR), Maritime Industry Authority (MARINA), Department of National Defense (DND), National Security Council (NSC), Philippine Coast Guard (PCG), Bureau of Fisheries and Aquatic Resources (BFAR), Bureau of Customs (BOC), Philippine Ports Authority (PPA), Bureau of Immigration (BI), Bureau of Quarantine (BOQ) and Palawan Council for Sustainable Development (PCSD).

The surveys, conducted from March 18, 2024 to June 20, 2024, utilized state-of-the-art technology and methodologies to capture high-resolution images of the subsurface geology. They covered 1,619 square kilometers in SC 76 and 1,519 sq. km. in SC 57.

The seismic data collected will facilitate a better understanding of the geological characteristics of the East Palawan and Northwest Palawan basins, aiding in the assessment of the basins’ oil and gas potential, the DOE said.

It said data processing analysis and evaluation would take a year and six months.