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Spratlys > News > English News > July 2005

Category: @News

Seismic research deal worth $10M up for bidding
Posted: 9:12 AM | Jul. 27, 2005

Inquirer News Service

THE THREE countries that recently tied up for joint energy resources exploration in South China Sea, near the Spratly group of islands, will bid out a $10-million contract for the conduct of a seismic research in the 143,000-square-kilometer area covered by the collaboration, an oil executive said.

Representatives of the three countries are now meeting in Kunming, China, to map out the guidelines that will govern the selection of an international geophysical firm, said Eduardo Maņalac, president of PNOC Exploration Corp., a unit of government-owned Philippine National Oil Co.

PNOC Exploration represents the Philippines' interest in the collaborative effort. China National Offshore Oil Corp. (CNOOC) and Vietnam Oil and Gas Corp. (PetroVietnam) represent China and Vietnam, respectively.

The three firms signed the tripartite agreement for the joint marine seismic undertaking in mid-March. They will share the cost of the project.

Maņalac said seismic data acquisition, scheduled to start late this year, would be the first phase of a three-part effort and would be followed by processing and interpretation of the data.

Various international geophysical firms will be invited to participate in the two phases through competitive bidding, he said. With INQ7.net