ExxonMobil completes drilling fourth well in Sulu

ABS-CBN News

Posted at Oct 15 2010 06:43 PM | Updated as of Oct 16 2010 02:43 AM

MANILA, Philippines - ExxonMobil Exploration and Production Philippines B.V. (EMEPP) has completed drilling its fourth well in an exploration block off Sulu sea, the Department of Energy announced on Friday.

The Babendil-1 well, covered by Service Contract 56, was drilled to a total depth of 4,092 meters/13,425 feet.

Drilling of Babendil-1 began last August 4. The West Aquarius, the same drilling rig used in the first 3 wells, was used to drill Babendil-1.

With the completion of Babendil-1, EMEPP has fulfilled all commitments under SC 56, the DoE said.

Energy Secretary Jose Almendras noted that "the 4 exploration wells have yielded very useful data, which will now be studied further. This will help determine future plans for SC-56."

Aside from EMEPP, other SC-56 contractors are Mitra Energy Limited and BHP Billiton.

SC-56 is part of the government's efforts to encourage investments in the energy sector. During this exploration phase, all risk is borne by the contractors at no cost to the government.