Australian-based oil and gas company Otto Energy reports the award of Area 8 Service Contract 69 offshore Philippines to the company’s wholly owned subsidiary NorAsian Energy Limited (NorAsian) for a 7 year exploration period.NorAsian, in partnership with Filipino partner TransAsia Oil & Energy Development Corporation, were selected from a competitive bid process for this prospective offshore exploration area.
SC69 is situated between the Islands of Cebu, Bohol and Leyte, and covers the eastern Visayan Basin over an area of 7,040km2. The block lies between the two sub blocks of SC51, where Otto already has an 80% working interest.
Source: Scandinavian Oil & Gas
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