The Department of Energy has approved the petroleum drilling plan that Ayala-owned firm ACE Enexor Inc. lodged for its Service Contract 55 oil and gas block straddling Northwest Palawan basin.
It was in April this year when the DOE required the Ayala firm to submit its work program and well drilling target for its prospective oil and gas discovery in offshore Palawan. Such submission, the company noted then, shall include “a firm drilling commitment of at least one well within the first two years of the appraisal period.”
“The well revealed natural gas at the crest of the target structure but the estimated volume of the accumulation was deemed by the then operator to be non-commercial on a stand-alone basis,” ACE Enexor has emphasized. With the re-assignment of its stake, ACE Enexor’s subsidiary Palawan 55 already held 75-percent interest in Service Contract 55. The balance of the shareholdings at 25-percent is held by Pryce Gases Inc., another local company led by the Escaño group.
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