Drilling In Sulu Sea To Start Soon - Philippine Energy Secretary
October 01 2009 - 6:53AM
Dow Jones News
The Philippines' Department of Energy said Thursday that oil and
gas exploration in the South Sulu Sea will start soon, with units
of ExxonMobil Corp. (XOM), BHP Billiton Ltd. (BHP.AU) and Mitra
Energy Ltd. forming the consortium that will undertake the
deepwater project.
Energy Secretary Angelo Reyes said Thursday that the drill rig,
West Aquarius, is scheduled to leave Indonesia on Friday to proceed
to the Dabakan prospect in the southern Philippines.
Reyes is hopeful that the entry of ExxonMobil, the world's
largest publicly traded oil and gas company, "will entice more
foreign companies to invest in the upstream oil industry."
ExxonMobil holds a 50% stake in Dabakan prospect, which is under
1,800 meters of water, one of the deepest prospects in the
Philippines. The service contract covers 8,620 hectares in one of
the country's most promising areas.
-By Cris Larano, Dow Jones Newswires; 632-848-5051;
cris.larano@dowjones.com