Scary stuff if it comes to fruition
Data seen to confirm Otto’s big oil, gas prospects
By Abigail L. Ho
Inquirer
Last updated 05:54am (Mla time) 10/20/2007
MANILA, Philippines -- Australian firm Otto Energy Ltd. will start next month interpretation of 950 kilometers of 2D seismic data from the offshore Marantao prospect in west Palawan in preparation for a farm-in agreement to be signed in late 2008 or early 2009, its local partner said.
Trans-Asia Oil and Energy Development Corp., partner of Otto subsidiary NorAsian Energy Ltd. and holder of 15-percent interest in Service Contract 55, said in a disclosure to the Philippine Stock Exchange that the data gathered in June gave initial indications that the Marantao prospect had “potential for a significant oil and/or gas discovery.”
Otto chief executive Alex Parks earlier said that based on preliminary seismic data Service Contract 55 was estimated to contain 1.8 trillion cubic feet (TCF) of gas and 567 million barrels of oil.
If only oil is found in the area, prospective resource estimates are placed at between 320 million and close to 2.7 billion barrels.
If the area contains only gas, the potential yield is estimated at between 721 billion cubic feet (BCF) and 5.6 trillion cubic feet (TCF -- even bigger than the Malampaya gas field’s 3.0 TCF.
And if both oil and gas are found -- similar to that of Malampaya-Camago area -- Otto can expect a yield of between 468 BCF and 3.6 TCF of gas and between 144 million and 1.1 billion barrels of oil.
“Marantao is the jewel in our exploration portfolio in the Philippines, and we are pleased with the prospectivity of this license from the initial 2D seismic data,” Parks said. “Once Otto has a clear understanding of the ultimate potential of the block, select companies will be invited to view the interpretation and commence farm-in negotiations.” With INQUIRER.net