Trans-Asia, NorAsia to conduct exploration in the Camotes Sea
Source: 09-MAY-2008 Intellasia | ABS CBN
May 9, 2008 - 7:00:00 AM 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.