PNOC-EC eyes partners for SC 57, open to sell up to 70% interest in the block

PNOC Exploration Corp. is in search for 3 means partnership companions to push ahead with the exploration of thought of one among its petroleum service contracts defending an house off Northwest Palawan.

The three means partnership companion might soak up as a lot as 70 p.c collaborating curiosity in Service Contract 57 (Calamian), PNOC-EC talked about.

PNOC EC at current holds a 100 computer curiosity in SC 57, which was awarded by the Division of Power on September 15, 2005.

bidders have until February 17 to submit a letter of intent whereas bid submission deadline is on April 4.

“PNOC EC reserves the proper to simply accept or reject any proposals and to annul the farm-out course of at any time previous to contract award, with out thereby incurring any legal responsibility to the affected third get together individuals,” talked about the uncover to bidders.

SC 57 is contained in the prolific Palawan block and is host to the Bantac 1 successfully, a non-commercial oil discovery by Occidental Petroleum.