May 21, 2013

Philex Petroleum focusing on 2 new blocks off Palawan

Philex Petroleum Corp. is focusing on two new petroleum blocks (Areas 4 and 5) in the resource-rich but disputed area off Northwestern Palawan. Area 4 is a bit  sensitive given China’s territorial claim while Area 5 is not part of the dispute.

In July, the Department of Energy (DOE) bid out Area 4 (616,000 hectares) and Area 5 (424,000 hectares). Philex Petroleum won the bidding but the signing of the service contract has yet to be completed. The seismic survey, which will identify potential drilling areas, will last for two years – well within the seven-year exploration period to be granted by the DOE. - WealthSec