Nido Petroleum is a wholly owned subsidiary of Bangchak Corporation, a Multinational Energy Company.

Service Contract 63

Philippines-full SC63
Project: Baragatan Evaluation 
Location: NW Palawan Basin, offshore Philippines.
Working interest 20% 
Operator PNOC-EC
Area 1,067,000 hectares
Brief description: SC 63 was awarded to Nido and PNOC-EC in November 2006. The block covers an offshore area of 1,067,000 hectares and is contiguous to the southern portions of SC 58 and SC 54B. The blocks are on trend and share similar geology with the prolific hydrocarbon province offshore Sabah, Malaysia to the southwest.
In addition, the block contains a gas discovery at the Aboabo A1-X well (Phillips Petroleum Ltd, 1981) located in the southern sector of the block, reported to have flowed gas at an estimated rate of 50 million cubic feet per day on test. The block is currently in a three year period of moratorium which will expire on 24 November 2018.
Recent activity:
Service Contract 63 contains the Baragatan-1A well which was drilled in the second quarter of 2014. During the drilling of the well the primary Pagasa Formation reservoir objective was encountered between 2,534 - 2,654 meters Measured Depth. Preliminary Logging Whilst Drilling (LWD) log data indicated low gas saturations that did not warrant further evaluation or testing. 
Two gas-bearing zones of potential interest were encountered in the shallower Pagasa Formation. However, evaluation of available LWD data indicated both of these zones contained low gas saturation that did not warrant further testing. 
These results, although not commercially successful, have confirmed the presence of an active petroleum system in this part of the Contract Area of SC 63. The next Sub-Phase of SC 63 (Sub-Phase 3) carries a two well commitment (one firm well, one contingent well) during the period from 24 November 2018 to 24 November 2019.