Philodrill Bares Three Oil Exploration Prospects

Philodrill Corp. has announced that it has signed three new Petroleum Service Contracts (PSCs) out of the eight awarded by the Philippine government, with President Ferdinand Marcos Jr. signing the agreements.

The new PSCs authorize Philodrill and its joint venture partners to explore, develop, and eventually produce petroleum resources within the specified contract areas. (Photo: Philodrill)

The three PSCs involve oil exploration in the Octon Block in Northwest Palawan, where Philodrill holds a 72 percent participating interest in the 132,000-hectare area, and two others in the Sulu Sea Basin, where the company has an identical 12.5 percent interest.

According to the company, the PDA–BP2 area hosts significant gas discoveries and strong exploration potential, with two of four recently drilled wells confirming multiple gas-bearing reservoirs within Late Miocene turbidite sands.

Meanwhile, PDA–BP3, located immediately south of BP2, remains underexplored but promising, supported by prior 2D and 3D seismic data that have identified several prospects and leads.

Overall, the Sulu Sea Basin remains lightly explored, with about 75 percent of wells drilled in the Philippine sector showing hydrocarbon indications.

The joint venture plans to further explore and develop these areas to unlock their full hydrocarbon potential.

The Department of Energy (DOE) manages these contracts under the Philippine Conventional Energy Contracting Program (PCECP). The new PSCs authorize Philodrill and its joint venture partners to explore, develop, and eventually produce petroleum resources within the specified contract areas.