THE Department of Energy (DoE) said Israel’s Ratio Petroleum Ltd. has identified two possible petroleum finds within its concession area, Service Contract (SC) 76.
“Ratio Petroleum’s initial work program has resulted in the identification of numerous leads that emphasize the prospectiveness of the basin. Several leads show clear anomalies, which supports the concept of the basin being gas prone,” Alessandro O. Sales, Energy undersecretary, said in a statement.
SC 76 is located to the north of a formation known as the East Palawan Basin in the Sulu Sea.
The DoE said the two prospects have over 20 leads which require further surveys and drilling.
SC 76 covers an area of 648,000 hectares, with water depths ranging from 800 to 1,700 meters.
The DoE said that Ratio Petroleum’s approved work program covers seven years of exploration to be carried out in three phases.
The first phase covers the acquisition of 2D seismic data which started on Oct. 17, 2018, while the second phase will cover the acquisition of 3D seismic data.
The 3D seismic data phase is expected to be completed in the next two years providing a refined image of the area’s subsurface geology.
The DoE said that the third phase will include the drilling of one exploration well.
“Further, data from wells within and near the basin show the presence of several organic-rich intervals, of both terrestrial and marine origins,” the DoE said.
Ratio Petroleum expects to spend around $34.35 million for studies, data gathering, and drilling activity during its seven-year contract period.
“It is timely that we reinvigorate our petroleum exploration activities. While it is capital-intensive to carry out exploration programs, with the depletion of the Malampaya reservoir and the continuing volatility of fossil fuel prices in the past years, we need an aggressive push to explore for new oil and gas fields for the furtherance of our energy security,” Mr. Sales added.
In 2018, the DoE awarded SC 76 to Ratio Petroleum through the Philippine Energy Contracting Round.
The Israeli company is credited with helping develop the Leviathan natural gas field off the Israeli coast — the largest such field in the Mediterranean. — Ashley Erika O. Jose