Australian firm Sacgasco, operating as Nido Petroleum in the Philippines said it is planning to get a drilling rig in early 2023 with a view to conduct an extended well test on the revitalization of the old Cadlao Oilfield — covered by Service Contract (SC) 6B in the Palawan basin.
A successful test would lead to the redevelopment of the Cadlao Oilfield.
This project will be followed with a plan to drill the exciting Nandino Prospect, through SC 54A, also offshore Palawan and to conduct an extended well test as the basis for more to fully developing a discovery at Nandino.
Sacgasco said the initial investments for the oil projects in SC 6B and SC54A are in the order of $15 million each for the drilling and testing of oil production with a follow-up investment of between $10-50 million for each project.
Sacgasco (Nido) is also involved in SC 14C2 which includes potential for redevelopment of the West Linapacan Oilfield.
“We see massive opportunities to develop oil and gas in the Philippines territory. Our highest desire is to explore frontier areas with large potential near the Malampaya Gas Field that supplies Natural Gas to Manila and surrounding areas. The size of the prospects in this area (SC 58) are such that successful drilling would dramatically change the Philippines’ energy picture for the better,” said Sacgasco managing director Gary Jeffery.
“Our vision is well-aligned with the new administration’s goal of increasing the level of energy production in the Philippines as the country’s energy demand far exceeds reliable supply,” Jeffery added. “We can help the Philippines address its energy challenge and in the most successful scenario, the country can even become a net exporter of energy,” Jeffery said.
