Manila Standard
Wednesday, November 2, 2011
ExxonMobil Exploration and Production Philippines B.V., a unit of Exxon Mobil Corp., has furnished the Energy Department the exploration data it gathered over South Sulu Sea.
“We’re reviewing it [Exxonmobil report],” Energy Secretary Jose Rene Almendras said.
“That’s a decision among themselves. We need to review their report,” Almendras said, when asked if ExxonMobil and its joint venture partners would pursue oil and gas production from service contract 56.
The exploration contract includes the gas-rich Sandakan Basin and covers an area of 8,200 square kilometers.
ExxonMobil holds a 50-percent stake and is operator of SC 56. Mitra Energy (Philippines) Ltd. holds 25 percent while BHP Billiton (International Exploration Pty. Ltd.) owns another 25 percent.
Almendras said ExxonMobil and partners were reviewing the financial and technical viability of drawing oil and gas from the South Sulu Sea.
“Depends on the amount of their investments, depends on depth,” the energy chief said.
Energy Undersecretary Jay Layug said the consortium was talking among themselves on “how to proceed or whether to proceed at all on the part of Exxon.”
“The three consortium members are still discussing on what will be the final decision. Whether one will go ahead, one will go away or two will go ahead,” he said.
Layug said large exploration companies like ExxonMobil were interested in “huge fields or reservoirs.”
“We need to see if the Sulu Sea exploration falls within that parameter of a large oil and gas company,” he said.
Layug said the department expects the consortium to come out with a decision before the end of the year.
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