February 19, 2010
Analyses are solely the work of the authors and have not been edited or endorsed by GLG
Summary
ExxonMobil Exploration & Production Philippines has discovered hydrocarbons in the Tawi-Tawi deepwater region offshore Mindanao, Philippines.
Analysis
The Philippines compared to Southeast Asian neighbors like Indonesia,Malaysia and Vietnam remains largely underexplored because of higher E&P risk and an unstable political landscape .
The development of a Philippine natural gas industry was initially conceived after the 1989 discovery of the deepwater Camago gas field offshore northwest Palawan by Occidental Petroleum (OXY).
The Sulu Sea where Exxon has made this discovery is particularly interesting because oil has already been discovered on the Malaysian side of the Philippine -Malaysian border.
The discovery was achieved at a depth of approximately 16,000 ft in an area where ExxonMobil has been carrying out an exploratory drilling program for more than two years.
Exxon-Mobil exploration is a relevant challenge to properly assessing the still largely underexplored Philippines oil and gas potential .
http://www.glgroup.com/News/Exxon-Mobil-Discovery-and-the-Largely-Underexplored-Philippines.-46709.html
