[ Manila Bulletin Online ] September 24, 2008
Energy Secretary Angelo T. Reyes announced yesterday the discovery of oil in the Yakal-1 well covered by Service Contract No. 54 operated by Nido Petroleum Philippines Ltd. and its joint venture partner Yilgarn Petroleum Philippines Ltd.
Reyes said Nido and Yilgarn are in the process of completing the drilling activity on Yakal-1 well located offshore in the northwest Palawan basin.
The drilling started last Sept. 8 and after reaching the well’s total depth of 1,969.5 meters last Sept. 20, initial findings showed the presence of gas (methane to pentane) and oil in the drill cuttings recovered to the surface, he said.
Geological data gathered from the underlying limestone reservoir also confirmed the presence of an oil column of about 66 meters in the Nido Reservoir from depths of 1,733 to 1,839 meters, he said.
Reyes said the consortium is still evaluating the oil bearing section to determine the extent of the oil column below 1,839 meters.