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Manila Bulletin devider Business devider Israeli firm to start petroleum seismic survey at East Palawan basin

Israeli firm to start petroleum seismic survey at East Palawan basin

Published Mar 18, 2024 03:24 am

At A Glance

  • The last attempt for seismic survey by a Philippine company awarded with Service Contract was in April 2022, but that activity was haphazardly stopped by the government then because of the lingering diplomatic friction with China.
  • To avoid a repeat of that incident, the Marcos administration made pronouncements that the new wave of seismic surveys as well as drilling activities will be focused for now at awarded petroleum blocks that are not straddling contested domains within the West Philippine Sea. <br> 

Israeli firm Ratio Petroleum Ltd. (Ratio) will reinvigorate exploration activities at Philippine waters, as the company is already scheduled to kick off 3D seismic survey this month at its awarded petroleum block within offshore East Palawan basin.

The Department of Energy (DOE) announced that the Israeli company had engaged the ‘SW Thuridur’ vessel of Texas-headquartered Shearwater GeoServices for the seismic survey to be carried out at Ratio’s Service Contract (SC) 76.

The energy department indicated that it had given approval to the activity because that is an integral part of the work program submitted to the government by Ratio Petroleum for its awarded block.

The seismic survey is expected to be completed with the span of 35 days; and data gathering will be done within the stretch of 1,500 square kilometers.

According to the DOE, the 3D seismic survey will be a comprehensive undertaking, and it is intended to “acquire a high-resolution imaging of the subsurface geology.”

The department explained that “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.”

Apart from the DOE, it was conveyed that the exploration activity had also secured the go-signal of other relevant government agencies, including the local government of Palawan, 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).

Ratio’s commencement of seismic survey is a symbolic move – essentially manifesting that the Philippines is somehow back in business when it comes to exploration and production (E&P) ventures.

“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 department stressed.

It emphasized that the data to be drawn from the 3D seismic survey “will further de-risk prospects and unlock the hydrocarbon potential of East Palawan Basin.”

The Philippines is considerably a laggard when it comes to capital influx in its upstream petroleum sector, even compared to its neighbors in the Southeast Asian region that have already proven the commercial-scale primacy of their discoveries.

The last attempt for seismic survey by a Philippine company awarded with Service Contract was in April 2022, but that activity was haphazardly stopped by the government then because of the lingering diplomatic friction with China.

To avoid a repeat of that incident, the Marcos administration made pronouncements that the new wave of seismic surveys as well as drilling activities will be focused for now at awarded petroleum blocks that are not straddling contested domains within the West Philippine Sea. 

 

 

Related Tags

Ratio Petroleum Shearwater GeoServices seismic survey Department of Energy (DOE) petroleum block
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