NextGen Day

According to a Department of Energy (DOE) representative, investments of about USD72 million are anticipated for Nido Petroleum Philippines Pty. Ltd.’s two drilling projects in northwest Palawan.

During a virtual press conference, Nido intends to spend USD 16 million on each of the drilling Service Contracts (SC) 6B and SC 54, according to DOE Undersecretary Alessandro Sales.

He added that the prolonged production test in the Cadlao oil field would also cost an additional USD40 million.

Sales stated that the purpose of the SC 6B extended production test is “to ascertain how to maximize future production and ascertain the more appropriate manner in building the permanent production facilities.”

Foreign investors have taken the Philippine government’s promises that our PD (Presidential Decree) 87 framework for rewarding service contractors will be upheld, according to DOE Secretary Raphael Lotilla.

According to Lotilla, the policy’s ultimate goal is to help the Filipino people as much as possible while ensuring fair returns for all involved private businesses.

Sales stated that prolonged production tests might last up to six months and that drilling operations at Cadlao are anticipated to begin in the first half of 2023.

He noted that permanent production is anticipated to begin in the first half of 2024 if the drilling work is successful.

President Ferdinand “Bongbong” Marcos Jr. has urged the DOE to concentrate on developing and utilizing the nation’s indigenous energy resources to attain energy security and reasonable electricity pricing.

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