State-run PNOC Exploration Corp., the oil and gas arm of Philippine National Oil Co., wants to take a 20-percent stake in Service Contract 6B or the Cadlao oilfield.
“We are already in advanced discussions to participate in SC 6B Cadlao field with drilling scheduled this year and production next year,” PNOC EC planning and budget department manager Alexis Dela Torre said in a recent Senate hearing.
SC 6B is located southeast of the Malampaya gas field and southwest of the Galoc oil and gas field. The Cadlao oilfield redevelopment targets 6.2 million barrels of economically recoverable oil.
PNOC EC submitted a letter of intent to Sacagsco Limited to farm-in to SC 6B, including the drilling of the Cadlao 4 well as the first stage of redevelopment.
Sacgasco holds its SC 6B interest in wholly-owned subsidiary Nido Petroleum Phils. Pty. Ltd. Nido has 9.09-percent stake in SC 6B and is increasing this to 72.727 percent. Its shareholdings will be reduced to 52.727 percent once the farm-in of PNOC EC is approved.
Other SC 6B joint venture partners are The Philodrill Corp. with 17.455 percent, Oriental Petroleum and Mineral Corp. with 4.909 percent, Forum Energy Philippines Corp. with 2.455 percent and Alcorn Petroleum and Minerals Corp. with 2.455 percent.