Malaysia’s UMW ƶijϻ Drilling Sdn. Bhd. and Frontier Oil Corp. signed a US$20 million agreement for Frontier to drill two wells in the Calauit oil field off northwest Palawan in the Philippines.
The contract is for a 120-day period with an option to extend for an additional 180 days. Drilling is scheduled to take place 1Q 2015.
Kristoffer Fellowes, Frontier’s president, says the company has the flexibility to use the UMW NAGA 7 jackup rig in other areas within the Philippines, making it an extremely valuable contract to the company. The newly built jackup is capable of drilling to 375ft of water depth and a total depth of 30,000ft.
The UMW Naga 7 contract, according to Fellowes, was a “game changer” for Frontier.
UMW ƶijϻ is a wholly-owned subsidiary within UMW Oil & Gas Corp. Berhad.
The Philippines Department of Energy launched the fifth Philippine Energy Contracting Round on 9 May 2014. Awarded licenses for petroleum is planned for 04 May 2015.
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