PNOC EC seeking partners for Palawan exploration program

BY LENIE LECTURA – DECEMBER 16, 2022
from Business Mirror

PNOC Exploration Corp. (PNOC EC) is soliciting bid offers to pursue a joint exploration program in offshore Palawan, west of Balabac Island.

In a bid invite, PNOC EC said it is in search of joint venture partners to pursue Service Contract (SC) 59. PNOC EC holds 100 percent interest in the service contract, which was awarded by the Department of Energy (DOE) on September 15, 2005.

“Pursuant to Executive Order No. 80 s. 2019 and its implementing rules and regulations under DOE Department Circular No. DC2020-02-0006, PNOC EC now calls for the submission of Letter of Intent (L01) from Interested Parties to participate in the selection of a Joint Venture Operator for the 75 percent Participating Interest in Service Contract 59,” the bid invite read.

Interested bidders have until December 27 to submit their letter of interest (LOI), and secure the Farm-out Documents and Confidentiality Agreement. Only those that signified interest and signed confidentiality agreements shall be allowed to conduct due diligence on SC 59.

Deadline for submission of proposals is on February 10, 2023 at 12 noon.

“PNOC EC reserves the right to accept or reject any proposals and to annul the farm-out process at any time prior to contract award, without thereby incurring any liability to the affected Third-Party Participants.”

PNOC EC holds interest in a number of SCs and three coal operating contracts (COCs).

It holds operatorship and 100-percent interest in SC 37 Cagayan in Cagayan Basin, SC 57 Calamian and SC 59 West Balabac.

For SC 59 West Balabac, PNOC EC has completed studies on prospective shallow water prospect which includes feasibility and economic viability. The company earlier said it was planning to drill for a deepwater prospect in the area.

SC 59 was awarded to PNOC EC in 2006 and it covers an area of 14,760 square kilometers.