Nido Petroleum is set to pursue a $100-million drilling project at the Cadlao Oil Field in the northwest Palawan Basin as part of efforts to develop the country’s petroleum resources.
The project will involve new drilling operations aimed at tapping oil resources in the offshore field, located near Palawan.
According to project information released on October 24, 2026, the Cadlao Oil Field is estimated to contain approximately 6.2 million barrels of contingent oil resources.
Contingent resources refer to petroleum deposits that have been discovered but are not yet classified as commercially recoverable reserves because certain development conditions remain unresolved.
The planned investment is expected to support further development of the oil field and could contribute to the country’s domestic energy supply once production becomes commercially viable.
The Cadlao Oil Field is located within Service Contract 91 in the northwest Palawan Basin, an area identified for offshore petroleum exploration and development.
The project comes amid continuing efforts to strengthen Philippine energy security and explore domestic sources of oil to help reduce dependence on imported petroleum.
However, the timetable for drilling, expected production volumes, and commercial viability of the project have yet to be established in the available project details.
