(DC file photo)
MANILA – Nido Petroleum Philippines Pty. Ltd. is set to invest up to USD 100 million, or approximately Php 6.3 billion, in drilling activities at the Cadlao Oil Field in the northwestern Palawan Basin as part of efforts to develop the country’s domestic oil resources.
The planned investment supports the administration of President Ferdinand Marcos Jr.’s efforts to strengthen energy security and reduce dependence on imported petroleum through local oil exploration and development.
Under the project, the company will initially drill the Cadlao-4 well to assess the oil field’s commercial viability and determine whether its resources can support profitable production.
The Cadlao Oil Field is estimated to contain approximately 6.2 million barrels of contingent oil resources.
However, the potential for commercial production will depend on the results of the drilling and technical assessments.
Contingent resources refer to estimated quantities of petroleum that could potentially be recovered but are not yet considered commercially viable for production.
The exploration initiative forms part of broader efforts to identify and develop indigenous energy resources that could contribute to the Philippines’ long-term energy requirements.
If proven commercially viable, the project could help increase domestic oil production and support the country’s energy supply.
The government continues to encourage investments in local energy exploration as part of its strategy to strengthen energy security and diversify the nation’s energy sources.
