Speaking at the company's AGM in Perth last week, managing director David Whitby said Nido had also submitted its environmental impact assessment for the development to the Philippines Government two weeks ago. This comes after the government gave the Galoc development plan the offical go-ahead in March.

Galoc is estimated by Nido to contain 44.2 million barrels of recoverable oil, of which 9.86 million barrels would be net to the company. The field is expected to produce up to 30,000 barrels per day from two development wells.

Nido managing director David Whitby said he believed the NW Palawan Basin, in which the company holds more than one million hectares, would become one of the world’s next major frontier basins.

“What attracted us to the basin is that only 51 wells have been drilled there to date – of which 44 had oil shows,” he said.

“We spent last year acquiring a large acreage position here as we’re sure it’s got all the makings of a great basin.”

The company is also looking elsewhere in the Palawan, at its West Linapacan A and B fields.

Following the re-evaluation of 3D seismic in both fields, the company says it expects to reveal its conceptual development plan to the SC14 joint venture later this year.