Australian firm Sacgasco, operating as Nido Petroleum in the Philippines, is eyeing a new offshore oil developments in the Palawan basin, the Department of Trade and Industry (DTI) revealed.
A DTI statement emanating from its Sydney Trade Office said Sacgasco is planning to get a drilling rig
Sacgasco has agreed an alliance with Production Solutions Asia covering Extended Well Testing and Early Production Systems in the offshore Palawan Basin, Philippines. With the rapid rise in oil prices, oil companies have a strong incentive to begin production early while full field development is being planned and permanent facilities are being built.