ExxonMobil walks away from Sulu Sea block

14 November 2011

Damon Evans, SINGAPORE: The Philippines’ upstream revival has hit a snag after ExxonMobil resigned as operator and pulled out of its deep-water block in the Sulu Sea. Since 2009, the supermajor had drilled four wells to test a new play in Service Contract 56 as part of a $400 million exploration campaign. But while it hit gas with three of the four probes, ExxonMobil said the quantities were uncommercial.

The loss of the supermajor is a huge blow for the Philippines, which...

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