PNOC was awarded service contract 57 under the Malampoy Natural Gas Exploration of the Philippines in 2005 by the Department of Energy covering the Calamian oil and gas prospect.
MANILA (Natural Energy News): The chairman of the Exploration Branch of the Philippine National Oil Company (PNOC) said on Tuesday that the company aimed to start an energy exploration venture with CNOOC (China National Offshore Oil Corp) by the year 2021 in the South China Sea.
PNOC was awarded service contract 57 near the Malampaya Natural Gas Exploration of the Philippines in 2005 by the Department of Energy, covering the Calamian oil and gas prospect.
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The employment agreement is one of 57 Philippine five research programs that can presently begin after President Rodrigo Duterte instructs to lift a six-year-old denial on energy-related actions in the South China Sea.
Based on preliminary studies, natural gas reserves in the prospect could equal two-thirds of Malampaya's 2.9-3.2 trillion cubic feet, PNOC-Exploration President Rojano Brigette told a Senate budget hearing.
"By the fourth section of next year we can begin drilling, and if we get fortunate by 2026 or early 2027, generation will start for SC57," Brigitte said.
Outside of the disputed areas in the South China Sea, the Malampaya gas field in western Philippine waters supplies fuel to four power plants that account for about a fifth of the nation's power requirements.
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Malpaya is projected to dry up by 2027, based on the latest Energy Department launch. In 2006, CNOOC acquired a 51% interest, while Mitra Energy Ltd took 21% at Calamian Prospect, leaving PNOC Exploration with 28%, but the assignment was pending at Duterte's office.
Energy Secretary Alphonse QC said that in 2017 he placed the Calamian project in front of Duterte for approval. Last year Duterte published an administrative declaration eliminating the ban for PNOC to take equity players for its service agreements.
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