BHP Billiton Gets More Time to Find Suitable Rig (Philippines)
- Business & Finance
The Philippines Department of Energy (DOE) has approved BHP Billiton a 12 months extension to the current Exploration Sub-Phase 4 of SC55, located offshore Palawan.
The company in April filed a request for an 18 months extension to their contractual deadline to complete drilling of the commitment well from 5th August 2012 to 5th February 2014, but it will now have to finish with drilling operations before 5th August 2013.
BHP Billiton requested the extension in order to find an appropriate ultra deepwater rig with specialised well control equipment that will promote safe drilling operations on the proposed Cinco prospect within SC55. Availability of such rigs is currently limited and has been considered in the duration of the extension.
Otto Energy, which owns 33.18% in the SC55, says it “maintains its longstanding view that SC55 holds significant hydrocarbon potential and the company looks forward to seeing the drilling programme executed as soon as is safely possible.”
Otto adds that “no specific date for commencement of drilling operations in SC55 can be given until a rig has been secured.”
Offshore Energy Today Staff, May 25, 2012