Trans-Asia, NorAsia to conduct exploration in the Camotes Sea
09-MAY-2008 Intellasia | ABS CBN
May 9, 2008 - 7:00:00 AM
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A consortium composed of Trans-Asia Oil and Energy Development Corp and NorAsian Energy Philippines Inc. has bagged a petroleum exploration contract, covering a 704,000-hectare area in the Camotes Sea, between the islands of Cebu, Leyte and Bohol.
The Department of Energy awarded Wednesday the seven-year contract to the consortium, which is 70% owned by NorAsia, and 30% by Trans-Asia.
Under the work programme, the group will undertake geological and geophysical studies as well as reprocessing of 500 line-kilometer of vintage seizmic data at a minimum cost of US$200,000 within the first year.
The parties have successive options to conduct seizmic surveys and drill up to three wells during the balance of the exploration period.
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