$72-M investments eyed for Palawan oil drilling

By Eireene Jairee Gomez

Oct 13, 2022 12:23 am

ABOUT $72 million worth of investments is expected to fuel Nido Petroleum Philippines Pty. Ltd.'s oil explorations in Cadlao oil field in Palawan, according to the Department of Energy (DoE).

The DoE allowed Nido Petroleum to proceed with an on-site survey for drilling locations under Service Contract 6B in the Palawan basin by the fourth quarter of 2022. This development will also allow Nido Petroleum to drill two wells in the Palawan basin, one exploration and one appraisal, by the first half of 2023.

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