Otto plans South China Sea wildcat

Offshore staff

MANILA, the Philippines – Otto Energy plans to start drilling a deepwater exploration well in the South China Sea on Service Contract 55 using the Maersk Venturer.

SC55 covers the Hawkeye-1 well in the southwest Palawan basin in southwestern Philippines.

“That area is outside China’s Nine Dash Line, so we’re not really concerned about security issues,” Rufino Bomasang told Reuters. “It’s well within Philippine territory.”

“We have to guarantee (their safety) because they are within the Philippine waters … As long as its (drilling) within the Philippine waters, the Philippine Navy will secure those who are involved in economic activities,” said Lieutenant-Colonel Noel Detoyato in the same Reuters’ report.

The SC55 consortium includes Red Emperor Resources NL of Australia with 15% interest and Palawan 55 Exploration and Production Co., a unit of the Philippines’ Trans-Asia Petroleum Corp., with 6.82%. Otto holds the remaining interest.

07/21/2015

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