Philippine News Agency yesterday reported that the company said its investment would focus on the Northwest Palawan Basin where its gross exploration is placed at over 3 million hectares.

Of the $36 million, Nido has earmarked $11 million to carry out a 2D seismic survey, which started earlier this month.

It will also seek out additional geological and geophysical activities leading to the possible drilling of an exploratory well within the next four years.

Nido holds interests in four oil fields in the Philippines, including the Galoc oil field in the NW Palawan Basin, which could raise local oil production to 12% of local demand.

The country currently consumes 338,000 barrels of oil per day but produces only 23,000bopd, equivalent to 7% of total demand.

“Galoc oil field will potentially double domestic oil production of the Philippines by adding 17,500 barrels of oil per day in its first year of operation,” Australian Associated Press quoted Nido managing director David Whitby as saying.

“The Philippines is highly prospective yet remains largely unexplored.

“We have seen a great opportunity and we are here to seize that chance.”

AAP reported that Nido intends to spend about $20 million next year to fund development drilling in the Galoc project.

Galoc is in Block C of Service Contract (SC) 14 in the NW Palawan Basin, 70km west of Culion Island.

Whitby reportedly said Nido, which has operated in the Philippines since 1996, could raise its investments in the country further depending on the result of its gas and oil exploration projects.