PNOC Exploration Corporation, China National Offshore Oil Corporation and Vietnam Oil and Gas Corporation have completed the first phase of the joint marine seismic survey in the Agreement Area in the South China Sea.
PNOC said in a statement, the survey aims to generate geologic and geophysical data that will allow the three firms to determine the petroleum potential in the area.
The two-dimensional seismic data acquisition is pursuant to the Joint Marine Seismic Undertaking Agreement which was signed in Manila last March 14.
The Chinese seismic vessel M/V Nan Hai 502 of China Oilfield Services Limited was contracted to conduct the survey with representatives from PNOC EC, CNOOC and PetroVietnam on board.
The JMSU, which covers an area of 142,886 square kilometres west of Palawan, is considered a big step towards transforming a previous are of conflict into an area for possible cooperation and mutual benefit.
The Agreement is designed to be commercial in nature and not to affect territorial claims of the respective countries in the area.
The three firms and COSL celebrated during the weekend the completion of the survey at PNOC EC’s Energy Supply Base in Mabini, Batangas where Nan Hai 502 is docked for its scheduled refuelling and maintenance repairs before it sails out of the Philippines. (JAL)
