Its about time the country drills its own oil.
The Philippine National Oil Company-Exploration Corporation
(PNOC-EC) is planning to start drilling activities northwest of Palawan in
fourth quarter of 2021 and expects production to start in 2026 to early 2027.
A welcome news for a
country who has been traditionally known for being an oil importing country.
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| Malampaya oil rig (photo credit to owner) |
“With the lifting of the moratorium, part of our plan is
centered on the two service contracts that we have. One is within the disputed
area and one is well inside northwest Palawan, that is SC 57 and SC 59,”
PNOC-EC President and CEO Rozzano Briguez said during Senate committee
hearing for Department of Energy 2021 budget on October 20.
“As to the question of whether what is the plan
of PNOC-EC, it’s really now to continue with the 3D seismic study on SC 59 as
well as the farming out (invite for other proponents) of SC 57,” he said.
“We also plan in proceeding to the other areas
also of which we have interest and that’s SC 75 and SC 58. But right now the
main two that we are interested in moving forward is 57 and 59,”
Briguez added.
According to Briguez, SC 57 is more promising which is
estimated that is 2/3 of Malampaya.
“The timeline is in the fourth quarter next year we can start
drilling, and if we will be lucky, by 2026 or early 2027, production will start
for SC 57,” he said.
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