The Department of Energy (DOE) announces the upcoming 3D seismic survey of one of its Petroleum Service Contractors in the East Palawan Basin scheduled to commence this March 2024.
Israeli company Ratio Petroleum Ltd. (Ratio), the operator of Petroleum Service Contract (SC) No. 76, has contracted Shearwater GeoServices to deploy its seismic survey vessel, SW Thuridur, to acquire 3D seismic data over an area in the SC 76 block located about one hundred-fifty (150) kilometers east of Puerto Princesa, Palawan. The DOE has approved the seismic survey as part of Ratio’s work commitments for SC 76 and has the full support of the Local Government of Palawan and all concerned government agencies, such as the Maritime Industry Authority (MARINA), National Security Council (NSC), Philippine Coast Guard (PCG), Philippine Ports Authority (PPA), Department of National Defense (DND), Department of Environment and Natural Resources (DENR), Bureau of Fisheries and Aquatic Resources (BFAR), Bureau of Customs (BOC), Bureau of Immigration (BI), Bureau of Quarantine (BOQ) and Palawan Council for Sustainable Development (PCSD).
The comprehensive 3D seismic survey will employ a state-of-the-art technology and methodologies to acquire a high-resolution imaging of the subsurface geology. By capturing detailed and high-quality seismic data within the block, Ratio aims to enhance its understanding of the basin's geological characteristics, gather high-quality geophysical data, identify optimal drilling locations with greater precision, and assess the potential for new oil and gas discoveries in offshore East Palawan. The 3D seismic survey will take around thirty-five (35) days, covering approximately 1,500 square kilometers of modern 3D seismic data.
The Philippines has experienced a significant gap in seismic survey activity over the past eight (8) years. Ratio’s work commitment to conduct the seismic survey aligns with the current administration's support to bolster the nation's energy security, unlock the Basin's untapped resources, and stimulate the exploration and development of oil and gas in the country.
The survey also represents a significant milestone in the DOE's petroleum exploration campaign and highlights its dedication to pursuing high-impact opportunities in promising new areas in addition to the existing Malampaya Field in the Northwest Palawan Basin. The DOE is confident that the insights gained from the 3D seismic survey will further de-risk prospects and unlock the hydrocarbon potential of East Palawan Basin.