Sydney—The drilling of a first ultra deepwater exploration well in Philippines Service Contract 55 offshore Palawan could be just the start of a push into a new gas fairway with resources of close to 20 Tcf, according to Australian partner Otto Energy. Otto is now the junior partner in SC 55, having farmed out an operating stake to Anglo-Australian resources giant BHP Billiton in mid-2011. An exploration well was originally scheduled to be drilled on the block’s Cinco prospect by August 2012, but the program was delayed by problems securing a rig, Otto CEO Gregor McNab told Platts in a recent interview.
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