The government of the Philippines will put 14 offshore blocks on offer later this year, international media reported on Sunday.

Byron strikes oil in Gulf of Mexico

PERTH, December 28, 2017 – US player Byron Energy has struck net oil deposits of approximately 58 metres in a Gulf of Mexico well, Australian partner Otto Energy announced on Wednesday.

“The SM71 F2 well has delivered a result that has significantly exceeded the joint ventures pre-drill expectations in both the B65 and D5 zones,” said Matthew Allen, Otto Energy’s managing director, in a statement. “The incremental oil volumes that will be added to this development are very high-value, as the joint venture has already installed its own production platform facilities.”

Each of the two partners holds a 50% working interest in the South Marsh Island 71 lease where the well was drilled, the statement added.

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