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Alcorn Petroleum and Minerals Corporation

Alcorn Petroleum and Minerals Corporation

Alcorn Petroleum and Minerals Corporation (APMC) is a wholly owned subsidiary of  Cosco Capital, Inc. and was organized on July 5, 2013 to pursue exploration and development of Cosco’s interests in oil and mining business activities.
 
Among the company’s interests is Service Contract (SC) 14 in the waters of Palawan, which includes four operational blocks granted by the Department of Energy: Nido (Block A), North Matinloc (Block B1), West Linapacan (Block C) and the retention area (Block D). The company has participating interest in all except in Nido Block A.
 
In offshore Northwest Palawan, the company operates SC 6A – Octon Block and SC 6B – Bonita Block. SC 6A covers 165,000 hectares of relatively shallow waters while SC No. 6B only covers 53,293 hectares. Philodrill Corporation recently completed the resources assessment of the Octon field.
 
Along with the company’s partners – Phinma Petroleum and Geothermal, Inc. and PetroEnergy Resources Corporation, the company has decided to withdraw from onshore Service Contract 51 Northwest Leyte due to technical challenges. The company has advised the Department of Energy of Alcorn’s relinquishment of the area on July 4, 2018.
 
Over the years, Alcorn has generated positive and sustainable returns for the company. As Cosco continues to expand its business portfolio, its oil and minerals business segment remains an integral part of the growth strategy moving forward.

 

  • PETROLEUM PROJECTS
  • Service Contract 14-C2- West Linapacan

    Located off shore NW Palawan
    Discovered in 1990
    Operator: Alcorn Production Philippines Inc.
    Estimated proven reserves: 109 million barrels of oil
    Development in 1991: 3 wells completed
    Production started in May 1992 at 1700 BOPD
    Production decline started December 1992
    From March 1993 to 1995, 3 sidetrack wells were drilled to increase production but water intrusion remained a problem
    Production suspended in January 5, 1996 after producing 8.3 million barrels of oil
    SOCDET signed farm-in agreement in 1996 to conduct 3-D seismic and drill 1 well to earn 60% participating interest
    SOCDET completed 3-D seismic in 1999
    For production to recover, water intrusion must be addressed.
    Simultaneous development of other reservoirs close by can bring down cost

  • Service Contract 14 B1-North Matinloc:

    SSW of West Linapacan, SSE of Camago-Malampaya
    Operator: Alcorn Production Philippines Inc.
    Participating interest: 5.0%
    Discovered in May 1988
    Estimated proven reserves: +/- 2.5 million barrels of oil.
    Production started July 1988. Total oil production amounted to 2,063,963 barrels
    Production suspended in November 1991.
    Well stimulation revived limited cyclic production at the beginning of 1998 which again stopped in April 2001 after producing 95,423 barrels of oil.

  • SC 14 D Retention Area
  • Service Contract 6A - Octon, Offshore Northwest Palawan

    Discovered in 1990 Located NNW offshore Palawan near Galoc Field
    Operator: Philodrill
    AGRC has 1.5% participating interest
    Total recoverable reserves: 18 million barrels of oil
    Number of wells drilled : 4 (Octon 1-3; Esperanza 1)
    Production stage was not attained
    Entered the multi-client 3D agreement with SOCDET in 1996
    3D seismic completed in 1997, data interpretation completed in 1998

  • Service Contract 6B - Bonita, Offshore Northwest Palawan

    Area: 53, 293 hectares
    Location: Offshore NW Palawan adjacent to Matinloc/production complexes/br> Estimated oil in place is around 1.0-1.2 million barrels of oil/br> Commercial oil was discovered but Bonita-1 flowed at combined rates of only 2,102 BOPD/br> Actual development deferred.

  • Service Contract 51 - East Visayan Basin

    DOE awarded GSEC 93 to an all Filipino consortium in February 1998
    AGRC with 46.60% participating interest is the administrative operator
    Trans-Asia with 33.34% is the technical operator
    AGRC, PetroEnergy and Trans-Asia composed the consortium
    Probable oil reserves: 30M barrels to a high of 80M barrels of oil.

 

For Inquiries, Contact Us. 

Alcorn Petroleum & Minerals Corp. 

Tabacalera Bldg. 2, No. 900
D. Romualdez Sr. St., Paco,
Manila, Philippines 

TEL NOS.: (02) 437-5680

FAX NO.: (02) 439-5494

 

               

 

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CONTACT US

 Head Office:
2/F Tabacalera Bldg. 2, No. 900D. Romualdez Sr. St., Paco Manila, Philippines
Tel. No. :
  +632-256-7106
Email:
customer.service@coscocapital.com

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