Under the latest Philippine licensing round, the company will partner the Philippine National Oil Company in a 50:50 joint venture for a new service contract, currently known as Area-1, which contains Phillips Petroleum’s 1980 Aboabo gas discovery.
This new acreage has increased Nido’s gross acreage position in the Philippines by 159% and is adjacent to its existing SC54 block.
Nido senior geoscientist Sharon Tiainen described Area-1 as an under explored part of the Palawan Basin, contiguous with the company’s existing acreage.
“The Aboabo discovery not only proves the continuation of the hydrocarbon fairway into this area and also demonstrates the presence of an effective reservoir and trap,” Tiainen said.
Nido and PNOC will start negotiations immediately with the Philippine Department of Energy to finalise service contract terms and conditions, and the work program.
