ExxonMobil Corp., the world’s largest oil exploration company, prefers to keep its oil and gas exploration hush-hush. True to form, the oil giant remained mum on the results of its second well drilling on the vast expanse of Sulu Sea.
The grapevine said ExxonMobil Exploration and Production Philippines B.V. wrapped up the drilling of Banduria-1 well in service contract no. 56, located in the so-called Sandakan Basin in the vast Sulu Sea near the Borneo border, without much fanfare. ExxonMobil officials were about to apprise the Energy Department of the results of Banduria-1 drilling on March 1, but balked at the idea at the last minute.
ExxonMobil’s refusal to disclose the results of the Banduria-1 drilling could be a hint about the disappointing results of the operation that lasted nearly two months. But a source readily dismissed the talk. The big-spending American oil company, on the contrary, plans to invest another $100 million to drill a third well on Sulu Sea within six months. ExxonMobil would have invested $300 million in all three wildcat wells, after earlier plunking down $100 million each in Dabakan-1 and Banduria-1 wells.
ExxonMobil kept everything low-key after completing the drilling of the first well, Dabakan-1, which hit a total depth of 5,000 meters in early December. The company disclosed that it hit “reservoir sands and hydrocarbons” but declined to give out more details, especially the flow rate of oil or gas struck in the area.
The company utilized the one-hectare West Aquarius drill ship to spud the first two wells. The drilling rig is on its way to Indonesia after completing work on Banduria-1. The grapevine said earlier surveys identified a number of oil and gas prospects in the area, including Mescal Norte and Mescal Sud, Mojito and Caipirinha.
ExxonMobil is the operator of the 862,000-hectare exploration area in Sulu Sea, which was earlier awarded to a consortium of Mitra Energy Ltd. and BHP Billiton International Exploration Pty. Ltd. ExxonMobil owns a 50-percent stake in the contract while Mitra and BHP share 25 percent each.
E-mail: rayenano@yahoo.com; business@manilastandardtoday.com
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