Nido Petroleum Ltd
Address: Aquila Centre Level 3, 1 Preston Street Como WA 6152
Tel: +61 8 9474 0000
Company descriptionNido Petroleum Ltd is an oil and gas company with exploration production and development assets in the North West Palawan Basin.
Nido Petroleum’s predecessor, Sydney Oil Company Drilling and Exploration Trust (SOCDET), made its first investment in the NW Palawan Basin in the Philippines in February 1995. Nido inherited interests in Service Contract 14 (SC14) (including the Nido and Matinloc oil production assets and the Galoc oil field) when SOCDET incorporated as Nido Petroleum Ltd in July 1999. Since that initial entry Nido has put together a dominant acreage position in the North West Palawan Basin. Nido is headquartered in Perth, Western Australia and has offices in Manila, Philippines.
Products and servicesNido’s strategy has been to acquire a large exploration acreage position in the Palawan Basin to allow it to develop a statistically significant exploration drilling programme. Nido has acquired working interests in Service Contracts 54, 58 and 63 increasing Nido’s acreage position in the Philippines to over 3 million hectares.
In the last three years Nido obtained encouraging new 2D and 3D seismic data from SC54, 58 and 63. This new data, in conjunction with Nido’s existing seismic database, identified over 100 structures across Nido’s exploration permits in a range of play types and water depths. Nido is optimistic about the preliminary results and continues to mature these key leads.
Preliminary technical work has commenced on the evaluation of SC63 by Operator, PNOC Exploration Corporation (PNOC-EC), the country's State-owned oil company. Although this work is at an early stage, PNOC-EC and Nido are seeking to accelerate the subsurface evaluation of SC63, which contains the Aboabo-1 gas discovery located in the southern sector of the block.
Nido’s core development asset is the Galoc oil field. Galoc lies within SC14 in 300 metres of water, some 60 km offshore of Palawan Island. The Galoc reservoir is some 2,200 metres below the sea floor and has certified Proven & Probable (2P) reserves of about 24.5 million barrels of oil.
A phased development of this field is underway by a Joint Venture led by Nido and the field Operator, the Galoc Production Company. Phase 1 involved the drilling of two horizontal production wells and subsea tie-back to the Floating Production, Storage and Offtake vessel ‘Rubicon Intrepid’ moored nearby. First production commenced 9 October 2008 and the field is expected to produce at an initial rate of between 17,500–22,000 barrels of oil per day. This will almost double Philippines national oil production.