PRIME Energy Resources Development B.V. said it is advancing the next subphase of development under the Malampaya service contract with the Bagong Pag-Asa exploration drilling.
The company said in a statement on Thursday the drilling, to be conducted with the Department of Energy (DOE) and Service Contract (SC) 38 consortium partners and scheduled to start by next year, will help the country achieve energy security and sustainability.
Prime Energy said the drilling is ahead of the initial commitment for 2030 under the subphase
2 requirement of the contract renewal which is set to be the first offshore exploration well drilled in the country in over a decade.
“Backed by our team’s expertise and strong government support, we are committed to delivering on that goal, which is why we are ahead of schedule with our drilling progress,” the company said.
Prime Energy has engaged Noble Drilling for the provision of the drill rig and other equipment for formation evaluation services to ensure technical expertise and resources necessary for the successful execution of the Bagong Pag-Asa drilling.
Prime Energy said if the Bagong Pag-Asa project is proven to have commercially viable reserve, appraisal and/or development wells will be drilled within the next two to three years. Prime Energy is a wholly owned subsidiary of Prime Infrastructure Capital Inc. that serves as the operator of the Malampaya gas field.
