Nido Petroleum will develop the Tindalo oil field in the Philippines, the first project of its kind by the company in the region.
The Tindalo development, located off the Philippines coast, has the capacity to provide a second cashflow stream to Nido Petroleum within the next 12 months.
The Nido Petroleum board has endorsed the first project in the area and will fast-track the Tindalo development using a jack-up rig-based production scenario.
The company said it is confident in the growth of the upstream oil sector in the Philippines, even at a time of economic downturn.
By staff writer.