ISRAEL’s Ratio Petroleum Ltd. will conduct a 3D seismic survey in the Sulu Sea east of Palawan within the month, according to the Department of Energy (DoE).
In a statement on Monday, the DoE said Ratio Petroleum, the operator of Petroleum Service Contract (SC) No. 76, has contracted Shearwater GeoServices for the use of its seismic survey vessel SW Thuridur.
The goal is to acquire 3D seismic data over an area in the SC 76 block, located about 150 kilometers east of Puerto Princesa.
The DoE said the seismic survey forms part of Ratio Petroleum’s work commitments for SC 76, and enjoys the support of the Palawan government and other agencies.
The other agencies were named as the Maritime Industry Authority, National Security Council, Philippine Coast Guard, Philippine Ports Authority, Department of National Defense, Department of Environment and Natural Resources, Bureau of Fisheries and Aquatic Resources, Bureau of Customs, Bureau of Immigration, Bureau of Quarantine, and Palawan Council for Sustainable Development.
According to the DoE, the survey will seek to acquire high-resolution imaging of the subsurface geology of the area.
The activity will take around 35 days, covering approximately 1,500 square kilometers.
The Ratio Petroleum aims to “enhance its understanding of the basin’s geological characteristics, gather high-quality geophysical data, identify optimal drilling locations with greater precision, and assess the potential for new oil and gas discoveries in offshore East Palawan,” the DoE said.
Ratio currently holds petroleum interests in Guyana, Atlantic Morocco, and the East Palawan Basin, according to its website.
The Philippines has experienced “a significant gap” in seismic surveys over the past eight years, according to the DoE.
“The DoE is confident that the insights gained from the 3D seismic survey will further de-risk prospects and unlock the hydrocarbon potential of East Palawan Basin,” it said.
In 2018, the DoE awarded SC 76 to Ratio Petroleum through the Philippine Energy Contracting Round. The company is expected to spend around $34.35 million for studies, data gathering, and drilling activity during its seven-year contract period. — Sheldeen Joy Talavera
