Exxon, Shell bid for new oil exploration contracts in Sulu Sea

Exxon, Shell bid for new oil contracts

by Alena Mae S. Flores US-based ExxonMobil has joined the long list of foreign and local companies bidding for oil and gas exploration contracts in the Philippines. The Energy Department said in a statement that ExxonMobil, Shell of Netherlands, Total of France, ENI of Italy, BHP Billiton of Australia, among others, have expressed interest in participating in the so-called 4th Philippine Energy Contracting Round. The department said at least 50 companies had expressed interest and requested access to government’s data after roadshows in Perth, Australia and Singapore and the formal launch of the auction on June 30. “We expect this number to increase as we make more data available for viewing for our contracting round,” Energy Undersecretary Jay Layug said. ExxonMobil’s local unit ExxonMobil Exploration and Production Philippines B.V. is currently processing data from the four wells it drilled in offshore South Sulu Sea. The company’s exploratory wells are covered by service contract 56, an area that covers 8,200 square kilometers that include the gas-rich Sandakan Basin. Layug, meanwhile, promoted 15 blocks (three located onshore and 12 in offshore areas) for petroleum exploration during the 16th Oil and Gas Week in Singapore and the recent New Generation Oil and Gas Summit in Kuala Lumpur, Malaysia. The fourth bidding round covers a total area of more than 10 million hectares in Northwest Palawan, East Palawan and Sulu Sea basins. http://www.manilastandardtoday.com/insideBusiness.