The PNOC Exploration Corp. (PNOC-EC) is looking for joint venture partners to pursue the exploration program in Service Contract (SC) 59 covering 14,760 square km in offshore Palawan, west of Balabac Island.
The company describes its location as north of the deep-water gas discoveries in offshore Malaysia.
PNOC-EC said it holds 100 percent interest in the service contract which was awarded by the Department of Energy on Sept. 15, 2005.
In an advisory posted in the company’s website, signed by Jaime Bacud, PNOC-EC farm-out selection committee chairman, the government is looking for a joint venture operator for the 75 percent participating interest in SC 59 through a submission of letter of intent (LOI).
The advisory said third-party participants must submit their LOI within December 13 to December 27 to PNOC-EC and secure farm-out documents and confidentiality agreement templates.
PNOC-EC said only third-party participants that submitted LOIs and signed required documents will be allowed to conduct due diligence on SC 59.
Deadline for actual submission of proposals for SC 59 is set on Feb. 10, 2023 which will require technical and financial proposals as well as documentary requirements.
PNOC-EC also said that it has the right to accept or reject any proposals and to annul the farm-out process at any time prior to contract award without incurring any liability to affected third-party participants.
PNOC-EC is a government owned and controlled corporation focused on oil, gas and coal exploration activities. – Jed Macapagal
