A consortium led by Otto Energy is set to drill a deepwater exploratory well in the South China Sea.
The company has a 78.18% interest in the permit issued by the Phillipine’s Department of Energy.
Operations at the Hawkeye-1 well, located in the southwest Palawan Basin, are expected to start within the next month.
The consortium includes Red Emperor Resources NL of Australia and Palawan 55 Exploration and Production.
Otto Energy said the region is believed to be rich in hydrocarbon deposits.