Philodrill Corporation granted three new Petroleum Service Contracts by PH Gov't

The Philippine Government has granted eight (8) new Petroleum Service Contracts (PSCs) to various companies, including three (3) PSCs to Philodrill Corporation, which is among the contractors.

President Ferdinand Marcos Jr. has signed the following Service Contracts:

1. Nominated Area No. 10 (formerly SC 6A – Octon Block)

• Signed as: Service Contract No. 86
• Location: Northwest Palawan
• Total Area: 132,000 hectares
• Philodrill’s Participating Interest: 72.1662%

As part of the proposed work program, the Joint Venture will focus on appraising the Octon discovery for a potential tie-back to the Galoc oil field and will also identify a drilling location to test the Malajon-Salvacion-Saddle Rock prospect.

2. Pre-Determined Area (PDA) – BP2 – Sulu Sea Basin

• Signed as: Service Contract No. 80
• Location: Sulu Sea
• Total Area: 780,000 hectares
• Philodrill’s Participating Interest: 12.5000%

3. Pre-Determined Area (PDA) – BP3 – Sulu Sea Basin

• Signed as: Service Contract No. 81
• Location: Sulu Sea
• Total Area: 532,083 hectares
• Philodrill’s Participating Interest: 12.5000%

The PDA–BP2 area hosts significant gas discoveries and strong exploration potential, with two out of four recently drilled wells confirming multiple gas-bearing reservoirs within Late Miocene turbidite sands. Meanwhile, PDA–BP3, located immediately south of BP2, remains underexplored yet promising, supported by prior 2D and 3D seismic data that have identified several prospects and leads.

Overall, the Sulu Sea Basin remains lightly explored, with approximately 75% of the wells drilled in the Philippine sector exhibiting hydrocarbon indications. The Joint Venture plans to further explore and develop these areas to unlock their full hydrocarbon potential.

The Department of Energy (DOE) manages these contracts under the Philippine Conventional Energy Contracting Program (PCECP). The new Petroleum Service Contracts authorize Philodrill and its Joint Venture partners to explore, develop, and eventually produce petroleum resources within the specified contract areas.