As the Philippine government hopes are afloat for eventual oil and gas discovery, project operator ExxonMobil is now priming up plans for the drilling of second well at its south Sulu Sea prospect.

The drilling which may command another investment of $100 million is targeted to start within the month.

For its first drilling at the Dabakan-1 well, ExxonMobil Exploration and Production Philippines B.V. managing director Ian Fischer confirmed that they encountered hydrocarbons, yet “data analysis and additional studies are being conducted to evaluate the potential of the find”. The drilling employing the West Aquarius rig commenced October 11 and due to wind up over 60-day stretch.

The Sulu acreage drilling cast under Service Contract 56 has so far been setting the record of being the deepest well ever drilled for upstream oil and gas venture in the Philippines.

ExxonMobil holds the operatorship equity of 50-percent in the undertaking, while partners Malaysian firm Mitra Energy and Australia’s oil and gas giant BHP Billiton have 25-percent shares each.

For the two wells, the total investment being risked by the project sponsors would be $200 million given the extent of drilling set for the venture.

On the part of the government. Energy Secretary Angelo T. Reyes has upped the ante that the drilling would yield positive outcome.

For a country so heavily dependent on imports for its oil requirements, the excitement could be understandable for a prospective find that the Department of Energy (DoE) has already been advancing word on the probability of the Sulu reserve helping reduce the country’s dependence on foreign energy sources.