Polyard Petroleum International Group (PPIG) is gearing up for drilling operations in SC49 after signing the service agreement with its contractor Well Logging Energy Technology (Xi’an) Co. Ltd. (WLE). On 28 March 2014, PPIG CEO Eric Lai made a special trip to Manila, the Philippines, for a courtesy call to the Department of Energy (DOE) Secretary Carlos Jericho L. Petilla.
Lai briefed the Secretary on the current development of PPIG’s three investments in the Philippines, including oil and gas projects SC49 and SC70 in Cebu and Central Luzon respectively, as well as the COC145 coal mining project in San Miguel. He also assured the Secretary PPIG’s determination in pushing the projects forward.
“Currently we have geologists studying SC49 and SC70 blocks and a significant progress will be made this year especially on SC49, for which we just signed a drilling service agreement to kick off the drilling work, with the preliminary plan to first drill two exploration wells,” said Lai.
Secretary Petilla further inquired into details of the projects and instructed that the DOE will provide as much support as necessary and will continue to follow up on the progress of the projects.
Accompanying the Secretary and Mr. Lai were Rino E. Abad, Director of DOE’s Energy Resource Development Bureau, and Vladimir S. Gerchikov, PPIG Vice President/ Philippine Country Manager.
Gerchikov later provided a more detailed overview of the planning for SC49. He noted that the SC49 drilling service agreement was an integrated one, encompassing rig and drilling services, as well as wireline logging, mud logging, cementing, testing and well completion. All equipment required will soon be mobilized to the well site, and by closely working with the contractor, drilling is expected to commence by the end of June. Parameters from the exploration wells will be obtained and examined for in-depth evaluation on future drilling operations.
During the meeting, Director Abad also pointed at three major steps that PPIG needs to take before spudding - land leasing, signing of a drilling service agreement and obtaining endorsement from the local government. The first 2 preparation works have been completed, while the third is now underway. Governor of the Cebu Province has already indicated his full support to drilling operations that can boost local economy.
Secretary Petilla recognized PPIG’s efforts in developing hydrocarbon projects in the Philippines. He also promised to support and protect serious players like PPIG in order to facilitate drilling operations.
In the end, Lai again stressed that PPIG has great confidence in the SC49 project, and is determined to use it as a foundation for talent cultivation within the company. A cordial invitation for the spudding ceremony scheduled in June was extended to Secretary Petilla and Director Abad, who both accepted and wished the SC49 project every success.
