Ayala in search for deep-pocketed partner for oil gas exploration

Ayala-owned upstream petroleum firm ACE Enexor Inc. has kicked off its search for a deep-pocketed and technically experienced partner for its planned oil and gas exploration venture at an offshore block in Northwest Palawan.

“We’re beginning to explore, we’re still in the partner-search process. That’s still a work in progress,” ACE Enexor Chairman and CEO Eric T. Francia said when asked on the status of its negotiation for a prospective tie-up with foreign investors.

Alongside that, he noted that the Ayala firm is also preparing for the targeted drilling of two wells at its Service Contract (SC) 55 – with the first one targeted in April 2022, based on the company’s work program approved by the Department of Energy.
“Part of our plan is to do an appraisal well, so we expect to do some drilling in our service concession area within the next two years. The team is preparing for that,” he said.


Read More: https://mb.com.ph/2020/11/23/ayala-in-search-for-deep-pocketed-partner-for-oil-gas-exploration/