Philippine National Oil Co is planning to farm out a substantial part of its interest in its offshore exploration in Mindoro, south of Manila.
The firm recently concluded a seismic survey for the Maniguin-2 block and believes it holds sizeable hydrocarbon reserves. The block probably holds the most significant hydrocarbon reserves outside the Malampaya natural gas project in Palawan. The area contains organically rich source rocks which have excellent hydrocarbon generative capability.
The area is relatively under explored with only five wells drilled so far, of which two have shown significant oil and gas finds. The area has estimated oil reserves of up to 6.9-bil bbl of oil. PNOC holds a 100% stake in the block.