Marcos said this action may lead to oil production as early as the second half of 2023.
“For SC 6B, the appraisal well for the Cadlao oil field could lead to early oil production towards the second half of 2023 while the recoverable volumes expected from the oil field are 5 to 6 million barrels of oil,” he explained. This includes an extended well test in the Cadlao oilfield under Service Contract 6B, which would revitalize operations after it was discontinued in 1991.Marcos said the move would help the country maximize its own oil resources, which could help mitigate the rising prices of oil products in the global market.
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