New investors will be taking over the oil E&P portion of the job recently abandoned by ChevronTexaco JV and Shell Philippines Exploration BV.
Primarily a natural gas project, Malampaya has estimated oil reserves of 25-30 million; a number deemed “too small” for both Shell and ChevronTexaco.
Citing PNOC president Eduardo V. Mañalac, “PNOC is now talking with a group for an independent study on Malampaya’s oil potential [and our] PNOC-Exploration Corp [unit] will also meet with groups interested in exploring for oil in Malampaya.”
“PNOC hope to get the first oil by April or May 2006,” he added without elaborating further.
The Malampaya project is a JV between Shell Philippines Exploration BV, Chevron Texaco and the Philippine government.
