SOURCE: Malampaya
In a bold stride towards securing the future of energy in the Philippines, Prime Energy Resources Development B.V. (Prime Energy) has recently announced a significant contract award for the Malampaya Phase IV Project. The recipient of this contract is none other than Noble, a name renowned as one of the world's largest offshore drilling contractors.
The partnership between Prime Energy and Noble signals a new era for the energy sector in Manila, Philippines. The USD 69.9-million contract encompasses the use of Noble’s deepwater drillship "Noble Viking" to drill two deepwater development wells in the Camago and Malampaya East fields. A third exploration well, Bagong Pagasa, is also included, located approximately 15 kilometers north of Malampaya.
The Noble Viking drillship, a true marvel in modern technology, stands at the forefront of its deepwater category. The drillship features Dual Derricks along with integrated Managed Pressure Drilling (MPD) systems on board. This contract follows two prior contracts for the supply of Long Lead materials; Offshore Casing and Tubular Goods (OCTG), and Wellhead equipment, amounting to a combined value of around USD 45 million.
The milestones achieved by Prime Energy are the proud achievements of the diligent and dedicated team of Filipinos working at the company. Prime Energy's Managing Director and General Manager, Donnabel Kuizon Cruz, expressed pride in the team's consistent efforts to stay on track for the planned drilling in 2025.
For over two decades, Malampaya gas has served the Philippines reliably. Cruz reaffirmed Prime Energy's commitment to continue providing a dependable supply of indigenous gas to its customers. This commitment acts as a shield, protecting Filipino consumers from the volatile forces that affect oil and gas prices.
The partnership with Prime Energy is not just a business venture for Noble. Noble SVP for Marketing and Contracts, Blake Denton, expressed the company’s enthusiasm for joining forces with Prime Energy in this crucial drilling campaign. This project is set to contribute significantly to improved energy security for the Philippines.
Service Contract no. 38 (SC 38), which governs the Malampaya project, has been extended for another fifteen years until February 2039. The consortium has successfully remitted over USD 13.5 billion from 2001 to the end of 2023.
In conclusion, the recent contract award for the Malampaya Phase IV Project is a pivotal step towards a sustainable and energy-secure future for the Philippines. It showcases the power of effective collaboration and is a testament to the hard work and dedication of the team at Prime Energy and their partners at Noble. With the commencement of this project, the future of the energy sector in the Philippines shines bright.
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