If the bid is successful, the acreage designated as Area 1 would increase Nido’s Filipino licensed area to more than 1.5 million hectares and extend access to the highly prospective deepwater turbidite play fairway, the company said.
Area 1, which covers one million hectares and neigbour’s Nido’s 100% held SC54, was released for competitive bid in the recent Philippine Energy Contracting Round 2005.
Following several meetings and a technical workshop, Nido was invited to bid jointly with PNOC for Area 1.
Working together, both parties reviewed the existing data and determined an appropriate work program, before submitting the application to the Philippine Department of Energy, the company said.
“Partnering with a national oil company of the caliber of PNOC is a privilege,” managing director David Whitby said.
"Their technical expertise in the region is unrivalled and their know-how will be invaluable in our joint efforts to fully explore the region."
The successful bidder for the service contract is expected to be announced in mid-2006.
In August, Nido was awarded the SC 54 lease, which the company described as an important step in its strategy to mature the deep-water Miocene turbidite play.
