Filipino upstream oil company, PetroEnergy Resources, has announced that it is investing in a consortium that will drill seven production and exploration wells in Gabon, West Africa
According to the Philippine Daily Inquirer, the consortium envisages that the additional wells will increase daily production at the Etame site in Gabon to 30,000 barrels of oil per day.
PetroEnergy will use its 2.525 per cent working interest in the Etame Marin production sharing contract to pay its investment portion this year and in 2013.
Five of the seven wells will be for production and two for exploration according to the company, which did not disclose the investment share of PetroEnergy in the drilling activities.
The foreign consortium will need to invest a total of around US$140 million for all the planned seven wells, according to PetroEnergy vice president, Francisco G. Delfin Jr.
“We are very pleased and excited about the Gabon operations because it provides constant revenues,” said Delfin.
“Our revenue stream from Gabon provides us with funds to do more ventures in the Philippines and invest in renewable energy.”
