Profile:
Burgundy Global Exploration Corporation (BGEC) was organized primarily to explore and develop oil and gas resources within the Republic of the Philippines and through new service contracts and/or joint venture agreements within existing service contract holders. The company has been involved in international petroleum trading at the start of the oil deregulation law in the Philippines in early 2003.BGEC was granted two service contracts under the Philippine Energy Contract Rounds 2005 (PECR) by the Department of Energy (DOE), These are Service Contracts 61 (SC-61) and 62 (SC-62). SC-61 covers PECR 2005 SC-61 located in Offshore East Palawan in northern Sulu Sea. Though the area is partially in the deep-water and is considered a frontier due to very sparse data available, it has a potential for huge hydrocarbon discovery. SC-62 covers PECR SC-62 located in Offshore East Balabac in Southwestern Sulu Sea. The proximity of the area to the Island of Borneo particularly Sabah and Palawan makes the area attractive for petroleum exploration with a high degree of prospectivity as it lies within the oil province of several hydrocarbon bearing stratigraphy and sediments.
Update Time:
2020-09-16
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