Philodrill celebrates its 40th year (1969-2009) in petroleum exploration industry!

[ Home ] [ Corporate Profile ] [ Operations ] [ Investments ] [ Financial Profile ] [ Disclosures ] [ Contact Us ]

 

 

Service Contract # 14 - Nido and Matinloc Production Blocks (NW Palawan)

 

(text taken from 2009 Annual Report)

 

 

Operations Review

 

The combined production from the three producing fields in 2009 totaled 183,593 barrels which was 37.2% higher than the previous year’s (2008) total output of 133,806 barrels.  The significant increase is attributed to the contribution of North Matinloc Field which resumed commercial production in February last year.  Summary of the 2009 production from the three fields is shown below: 

 

 

2009 Crude Oil Production Summary

            (in barrels)

 

 

Nido

Matinloc

North Matinloc

2009 Total

2008 Total

January

11,674

5,977

0

17,651

17,829

February

0

6,798

995

7,793

4,083

March

12,032

4,905

0

16,937

20,219

April

                   0 

6,882

1,948

8,830

19,590

May

          11,906

4,392

1,725

18,023

0

June

          11,925

3,546

3,370

18,841

0

July

                   0

5,115

5,670

10,785

6,731

August

          11,910

4,728

3,775

20,413

9,469

September

                   0

5,395

3,905

9,300

2,245

October

          11,835

3,697

2,465

17,997

20,531

November

          12,060

7,083

4,276

23,419

17,286

December

0

9,076

4,827

13,903

15,823

Total

83,342

67,595

32,956

183,893

133,806

 

 

Production from the North Matinloc Field started with a trial flow from the North Matinloc-2 well using different choke sizes on February 23 – 26, 2009.  At a wellhead pressure of 290 psi, the well was closed after producing about 1,000 barrels during the test flow run.  The North Matinloc-2 well resumed its steady state production on April 14, 2009 at a higher wellhead pressure of 420 psi.   The modest production from North Matinloc-2 augmented production from the Matinloc Field to satisfy the cargo volume requirement of buyer Pilipinas Shell.

The consortium completed a total of eleven (11) shipments from the three fields in 2009, all with Pilipinas Shell whose refinery in Batangas was temporarily shut down starting January 15, 2010.  The yearly crude sale and purchase agreement with Shell, which expired in January 2010, was renewed in February 2010.  The consortium is still considering negotiating with other buyers especially when Shell’s schedule does not allow timely accommodation of SC 14 crude oil production. 

 

 
 

[ Home ] [ Corporate Profile ] [ Operations ] [ Investments ] [ Financial Profile ] [ Disclosures ] [ Contact Us ]

Copyright 2009 The Philodrill Corporation

 

Website Administration: