This after the Department of Energy approved the transfer of operatorship of SC 53 to Philodrill.
The Mindoro bloc is said to be rich in oil and gas.
“After thorough review of the technical, legal, and financial qualifications of the continuing partners, the request for redistribution of participating interests among the continuing partners, and the assignment of Philodrill as the operator, is hereby approved,” DOE said in its letter to The Philodrill.
With the approval, the company now owns 81.48% of SC 53 from 22% while its joint venture partner Anglo Philippine Holdings Corp.’s stake rose to 18.52% from 5%.
DOE terminated SC 53 in June last year after the former operator Mindoro-Palawan Oil and Gas Inc. (MPOGI) failed to comply with their reportorial obligations to the government.
SC 53 covers 6,600 sq. km. of the onshore areas of Mindoro Island and previous exploratory drilling showed the presence of oil and gas but were not considered commercial at the time of drilling.