After some months of delay and with the entry of Australian BHP Billiton Pty. as an interest holder, the Department of Energy (DoE) announced that the drilling at Sulu basin oil and gas prospect will finally kick off this September.

The block was under Service Contract (SC) 56, and also counts global oil giant Exxon Mobil and Mitra Energy in the consortium. The operating interest is held by Exxon Mobil with 50-percent equity; while Mitra Energy farmed out part of its stake to BHP Billiton.

Drilling at Sulu sea was initially scheduled last June, but some developments hindered the acreage interest-holders to push through with the original timeline.

“The first well drilling (at SC 56) will be this September,” the energy department announced with utmost certainty.

The entry of the world oil giants at Sulu sea prospect is now considered by the DoE as come-on line for the others to invest in the country’s Philippine oil exploration program.

“This will prove once and for all that the Philippine oil and gas production is a burgeoning enterprise,” Energy secretary Angelo T. Reyes said.

With the scheduled next round of energy contracting round, Reyes just noted that his department intends “to boost efforts in the upstream industry to reflect the need to utilize indigenous resources and to reduce reliance on imported petroleum.”

Meanwhile, with the country having strategically positioned itself as an oil exporter, the Philippine government reportedly fetched $171,226.04 revenues (approximately P8.2 million) from the Galoc oil field venture since it started commercial operations last year.

It must be noted that after the first shipment to Petron Corporation around November 2008, the succeeding sales made by the Galoc venture have already been with overseas buyers in Thailand, Japan and Korea.

The Galoc Production Company recently reported that total output from the filed already breached more than 2.0 million level.