While Philodrill remains a diversified company, it continues to focus on its core business which is petroleum exploration and production. Since 2004, Philodrill profitably operates three marginal fields located off Northwest Palawan and is also a partner in the Galoc Field which remains as the largest oil producing field in the Philippines. The company also has in its portfolio other exploration contracts that cover the more prospective areas of the country. To sustain profitability, the company also maintains investments in other companies engaged in mining, infrastructure and financial services.
The Philodrill Corporation is at the forefront of many exploration and production activities in the country and remains one of the most active. Among its more important past and current petroleum-related projects and activities are the following:
- As the designated operator since 2004, the Company runs day-to-day operations at the Nido, Matinloc and North Matinloc Fields located offshore NW Palawan.
- Consortium partner in the Galoc Field, currently the largest oil producing field in the country.
- Operator of Service Contract 6A (Octon Block) and Service Contract 6B (Bonita Block), exploration blocks both located in offshore NW Palawan. Discovery wells Octon-1, Octon-2 and Esperanza-1, drilled in the Octon Block, can be attributed to the Company’s steadfast exploration efforts.
- Consortium partner in other active petroleum exploration contracts: Service Contract 14C where the West Linapacan Field is being considered for re-activation; Service Contract 53 – Onshore Mindoro where wells are planned to test for gas; and Service Contract 74 – Linapacan Block.
- Actively participated in exploration, development and production operations of all the NW Palawan oilfields: Nido, Matinloc, Cadlao, North Matinloc, Galoc, Tara and West Linapacan.