RATIOPETROLEUM.COMnds within its concession area, Service Contract 76.
“Ratio Petroleum’s initial work program has resulted in the identification of numerous leads that emphasize the prospectiveness of the basin. Several leads show clear anomalies, which supports the concept of the basin being gas prone,” Alessandro O. Sales, Energy undersecretary, said in a statement.The DoE said the two prospects have over 20 leads which require further surveys and drilling.
The first phase covers the acquisition of 2D seismic data which started on Oct. 17, 2018, while the second phase will cover the acquisition of 3D seismic data.ned image of the area’s subsurface geology.“Further, data from wells within and near the basin show the presence of several organic-rich intervals, of both terrestrial and marine origins,” the DoE said.
Ratio Petroleum expects to spend around $34.35 million for studies, data gathering, and drilling activity during its seven-year contract period. “It is timely that we reinvigorate our petroleum exploration activities. While it is capital-intensive to carry out exploration programs, with the depletion of the Malampaya reservoir and the continuing volatility of fossil fuel prices in the past years, we need an aggressive push to explore for new oil and gas fields for the furtherance of our energy security,” Mr. Sales added.
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