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As a consequence of its exploration within the block, Israeli company Ratio Petroleum, the operator of Service Contract (SC) 76, has discovered potential oil and gas resources in the north of the East Palawan Basin, according to information released by the Department of Energy (DOE) on Thursday.

Following the conclusion of the first phase of their work program in October 2020, Ratio Petroleum, the operator of SC No. 76, has found two potential petroleum plays with over 20 leads outlined within their contract block, according to a statement from DOE.

A lead is a subsurface with the potential to have trapped oil or natural gas, whereas a play is a series of oil fields.

“Numerous leads have been discovered as a result of Ratio Petroleum’s initial work program, underscoring the basin’s potential. Numerous leads exhibit blatant irregularities, supporting the idea that the basin is gas-prone, according to DOE Undersecretary Alessandro Sales.

The Israeli petroleum exploration and development company received SC 76 from the DOE in October 2018 with a seven-year contract and an initial expenditure of USD 34.35 million for its investigations, data collection, and drilling.

The SC 76 work program for Ratio Petroleum will be completed in three stages, including the acquisition of 2D and 3D seismic data as well as the drilling of one well.

This would be an opportunity for interested parties to participate in the next phase of planning and acquiring 3D seismic data, which will further define the full potential of SC 76, Sales said. “The company is seeking a partner to participate in unlocking the basin’s potential at the early stages of exploration.

He remarked that due to the Malampaya natural gas field’s declining gas reserves, the nation should intensify its petroleum exploration efforts.

“While it is capital-intensive to conduct exploratory programs, with the depletion of the Malampaya reservoir and the ongoing instability of fossil fuel prices in recent years, we need a strong push to look for new oil and gas resources for the advancement of our energy security,” he continued.

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Cebuano English Filipino