Page 40 - Oil&Gas-AustralAsia-2015-Issue-2
P. 40
P HILIPPINES
TAPET PetroEnergy increases
looks to Palawan stake after
Oceania departure of Pitkin
for and RMA
investment By Marie RYAN
By Marie RYAN PetroEnergy has increased its stake Phoenix Gas & Oil Exploration Corpo-
in Service Contract 14C2 (SC 14C2) ration and The Philodrill Corporation,
Philippine company Trans-Asia Petrole- in West Linapacan oil field off north- as well as Perth-based Nido Petroleum
um Corporation (TAPET) has an- west Palawan by 4.137 per cent after Limited.
nounced it is looking for opportunities the Philippine Department of Energy Because of this, PetroEnergy’s stake in
in the Oceania region, incorporating (DOE) qualified the termination of the SC 14C2 now stands at 4.137 per cent.
Australia, New Zealand, Papua New stake of Pitkin Petroleum Plc (Pitkin) Prior to the re-assignment, PetroEn-
Guinea and the neighbouring islands in and RMA West Linapacan Pte Ltd ergy’s interest in the service contract
the Pacific Ocean. (RMA) in Block C2 of Service Contract stood at 1.03 per cent and it was carried
14. free of all exploration costs leading to
TAPET executive vice president Ray- The DOE also approved the re-assign- the drilling of two exploration wells up
mundo Reyes Jr said the company will ment of the 58.29 per cent participating to first commercial oil.
approach a consultancy group to come interest previously farmed out by the SC Nido Petroleum said it was not a party
up with a shortlist of opportunities. 14C2 Farmors to Pitkin in May 2008. to these farm-in agreements and Nido’s
Pitkin then farmed out 29.14 per cent of existing 22.27 per cent participating
The Philippine company is expected to the interest and the operatorship of the interest in the project is therefore not
spend on nearby oil and gas exploration service contract in 2011 to RMA. altered by the termination notices.
fields, citing low domestic oil produc- The DOE reverted the farm-in agree- “Nido remains committed to progress-
tion may not keep up with the increas- ment to a consortium composed of ing a West-Linapacan redevelopment
ing local oil demand. Filipino and Australian companies. project,” the company said.
In a letter released on March 27, the Nido earlier bared plans to redevelop
Formerly known as Trans-Asia (Karang DOE informed RMA that because the West Linapacan oil field with pro-
Besar) Petroleum Corp, TAPET was of its failure to complete its financial duction planned by the third quarter of
incorporated in 1994 and is engaged in requirements for its committed work 2015.
the business of oil and gas exploration, obligation to the department, RMA’s The company earlier estimated that
development, and production. It has a and Pitkin’s participating interests were redeveloping the West Linapacan oil
69.35 per cent owned subsidiary, the now re- assigned back to the Filipino field would cost around $100 million.
Palawan55 Exploration & Production Farmors. An independent assessment by Gaffney
Corporation, an upstream oil and gas With the exit of RMA and Pitkin from Cline and Associates showed that the
company. West Linapacan, the remaining mem- West Linapacan field had a potential
bers of the SC14C2 consortium are: ranging from 11.6 million stock tank
TAPET also has interests in four oil and PetroEnergy, Farmors Cosco Capital barrels (mmstb) to 22.8 mmstb.
gas service contracts, it last trade price Incorporated Philippines, Forum Ener- The oil field has produced 8.5 million
went up by 2.22 per cent or P0.090 to gy Philippines Corporation, Linapacan barrels from 1992 to early 1996 before it
close at P4.15 on Wednesday. § Oil Gas & Power Corporation, Oriental was shut-in. §
Petroleum and Minerals Corporation,
A A38 OIL & GAS ustral SIA MAY/JUNE 2015 www.oilandgasaustralasia.com
TAPET PetroEnergy increases
looks to Palawan stake after
Oceania departure of Pitkin
for and RMA
investment By Marie RYAN
By Marie RYAN PetroEnergy has increased its stake Phoenix Gas & Oil Exploration Corpo-
in Service Contract 14C2 (SC 14C2) ration and The Philodrill Corporation,
Philippine company Trans-Asia Petrole- in West Linapacan oil field off north- as well as Perth-based Nido Petroleum
um Corporation (TAPET) has an- west Palawan by 4.137 per cent after Limited.
nounced it is looking for opportunities the Philippine Department of Energy Because of this, PetroEnergy’s stake in
in the Oceania region, incorporating (DOE) qualified the termination of the SC 14C2 now stands at 4.137 per cent.
Australia, New Zealand, Papua New stake of Pitkin Petroleum Plc (Pitkin) Prior to the re-assignment, PetroEn-
Guinea and the neighbouring islands in and RMA West Linapacan Pte Ltd ergy’s interest in the service contract
the Pacific Ocean. (RMA) in Block C2 of Service Contract stood at 1.03 per cent and it was carried
14. free of all exploration costs leading to
TAPET executive vice president Ray- The DOE also approved the re-assign- the drilling of two exploration wells up
mundo Reyes Jr said the company will ment of the 58.29 per cent participating to first commercial oil.
approach a consultancy group to come interest previously farmed out by the SC Nido Petroleum said it was not a party
up with a shortlist of opportunities. 14C2 Farmors to Pitkin in May 2008. to these farm-in agreements and Nido’s
Pitkin then farmed out 29.14 per cent of existing 22.27 per cent participating
The Philippine company is expected to the interest and the operatorship of the interest in the project is therefore not
spend on nearby oil and gas exploration service contract in 2011 to RMA. altered by the termination notices.
fields, citing low domestic oil produc- The DOE reverted the farm-in agree- “Nido remains committed to progress-
tion may not keep up with the increas- ment to a consortium composed of ing a West-Linapacan redevelopment
ing local oil demand. Filipino and Australian companies. project,” the company said.
In a letter released on March 27, the Nido earlier bared plans to redevelop
Formerly known as Trans-Asia (Karang DOE informed RMA that because the West Linapacan oil field with pro-
Besar) Petroleum Corp, TAPET was of its failure to complete its financial duction planned by the third quarter of
incorporated in 1994 and is engaged in requirements for its committed work 2015.
the business of oil and gas exploration, obligation to the department, RMA’s The company earlier estimated that
development, and production. It has a and Pitkin’s participating interests were redeveloping the West Linapacan oil
69.35 per cent owned subsidiary, the now re- assigned back to the Filipino field would cost around $100 million.
Palawan55 Exploration & Production Farmors. An independent assessment by Gaffney
Corporation, an upstream oil and gas With the exit of RMA and Pitkin from Cline and Associates showed that the
company. West Linapacan, the remaining mem- West Linapacan field had a potential
bers of the SC14C2 consortium are: ranging from 11.6 million stock tank
TAPET also has interests in four oil and PetroEnergy, Farmors Cosco Capital barrels (mmstb) to 22.8 mmstb.
gas service contracts, it last trade price Incorporated Philippines, Forum Ener- The oil field has produced 8.5 million
went up by 2.22 per cent or P0.090 to gy Philippines Corporation, Linapacan barrels from 1992 to early 1996 before it
close at P4.15 on Wednesday. § Oil Gas & Power Corporation, Oriental was shut-in. §
Petroleum and Minerals Corporation,
A A38 OIL & GAS ustral SIA MAY/JUNE 2015 www.oilandgasaustralasia.com
