Philippines Department of Energy (DOE) has selected Nido (50% equity) and the Philippine National Oil Company (50% equity) as Preferred Bidder for a new Service Contract currently known as Area 1, in the Palawan Basin. The highlights are as follows;
• Nido partners with Philippine National Oil Company (PNOC);
• Large 1.056 million hectare block;
• Contiguous with Nido’s existing acreage position;
• Contains the Aboabo gas discovery (Phillips Petroleum 1980);
• Increases Nido’s gross acreage position in the Philippines by 159%; and
• Extension of the Miocene (Pagasa Turbudite) Play Fairway.
Senior Geoscientist, Ms Sharon Tiainen, said "Area 1 is an under-explored part of the Palawan Basin, is contiguous with our existing acreage and benefits from having an existing gas discovery. The Aboabo discovery not only proves the continuation of the hydrocarbon fairway into this area and also demonstrates the presence of effective reservoir and trap."
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