Nido Petroleum is a wholly owned subsidiary of Bangchak Corporation, a Multinational Energy Company.

Service Contract 58

Philippines-full SC58
Project: Balyena & Butanding prospects
Location: NW Palawan Basin, offshore Philippines
Working interest 50.00% (subject to completing farm-in obligation)
Operator Nido Petroleum (for the current sub-phase commitment well)
Area 1.349,000 hectares
Brief description: SC 58 is a large deep water block of approximately 1,349,000 hectares that lies immediately outboard of the giant Malampaya gas field. No wells have been drilled in the block to date. Water depths are in excess of 1,000 metres over most of the block.
Recent activity:
Service Contract 58 is a large deep water block that lies immediately outboard of the Malampaya gas field. The majority of the Contract Area is in water depths of over 1,000 metres and the SC 58 Joint Venture has not drilled any wells to date. The DOE has placed the Service Contract into a period of suspension pending the outcome of arbitration proceedings between the Philippines and China over ownership of the West Philippines Sea in which SC 58 is located.