Philippines Issues Exploration Permit to BHP Consortium
Posted: 15 August 2005
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The Philippine Department of Energy said it has awarded an oil and gas exploration contract to a consortium that includes Australia 's BHP Billiton Petroleum PTY Ltd, Amerada Hess Ltd, Unocal Sulu Ltd and Sandakan Oil II LLC.
The contract covers 8,620 hectares in the Sulu Sea of the southern Philippines .
The DoE estimates the resource potential of the Sulu Sea field at around 203 million barrels of fuel oil.
It said the consortium will spend 43.85 mln usd to undertake exploration activities over a period of seven years.
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