Abigail L. Ho,
Published: Mar 10, 2007
AMERICAN FIRM CHEVRON CORP., THROUGH its local subsidiaries, has proposed to reprocess all seismic data gathered all over the country from as far back as the early 1970s.
Energy Undersecretary Guillermo Balce said that, by doing this, Chevron might rediscover oil and gas potential in areas that had either been abandoned or had yet to be explored.
There have been other entities that have given similar proposals, Balce told reporters in a recent interview. The purpose usually is to enable them to look at the potential of old and new areas. This is more economical than running new surveys.
Depending on the results of its data reprocessing, Balce said Chevron could possibly undertake oil and gas exploration activities, either on its own or with other interested investors.
If they find good potential in an already awarded service contract, they can farm in, he said. If they find potential in a block that is not yet taken, they can apply for a service contract and explore for themselves.
Chevron, through Chevron Malampaya LLC, holds a 45-percent stake in the Malampaya Deep Water Gas-to-Power project in Palawan.
Shell Philippines Exploration BV also holds a 45-percent stake, while PNOC Exploration Corp. accounts for the remaining 10 percent.
Energy Secretary Raphael Lotilla said Chevron wanted to explore the country for oil and gas potential.
He also said that the Department of Energy expects some $116 million in new investments this year from five petroleum service contractors.
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