MANILA, Philippines — State-run Philippine National Oil Company-Exploration Corporation (PNOC-EC) is scheduling a well drilling at its Mangosteen prospect along Cagayan basin and the conduct of new seismic survey at a large deepwater block lying outboard the Malampaya gas field.

The company made the announcements via separate disclosures at the Philippine Stock Exchange.

“The Board of Directors of PNOC-EC has approved the drilling of the Mangosteen prospect located in Service Contract 37,” the company has noted.

PNOC-EC has full ownership in the Cagayan basin block which lies along Santiago City in Isabela and Quirino provinces.

For the SC 58 acreage, the state-owned firm indicated that “approximately 1,000 line kilometers of new 2D seismic data (are) to be acquired over the Bikuda and Bulador prospects.”

The survey, it said, will be undertaken by Searcher Seismic Pty. Ltd. using its RV Aquila Explorer. This portion of its work program is scheduled to commence this January 24 and will take “approximately 10 days to complete.”

The company explained that the objective of the survey “is to mature the Bikuda and Bulador prospects to drillable status for consideration as potential drilling candidates to meet the sub-phase 3 commitment well due before 12 January 2014.”

It added that the seismic program will also “address critical sub-surface risks,” particularly the structure and hydrocarbon charge.

Initial estimates would show that “the Bikuda and Bulador prospects are estimated to contain prospective oil originally in place (OOIP) of 937 million barrels and 814 million barrels, respectively.”

The upstream ventures of PNOC-EC are among those contributing significantly on its bottomline. In fact, its minority participation in the Malampaya deepwater gas-to-power project has been its major source of income over the years. (MMV)