Ratio Petroleum signed in 2018 an initial seven-year contract to explore for potential oil and gas resources in the East Palawan Basin, an expansive offshore field spanning 416,000 hectares (1.03 million acres) some 150km (93 miles) east of Palawan province.
The Philippines' energy department (DOE) said in a statement that Ratio Petroleum had hired Shearwater GeoServices to deploy a seismic vessel that would acquire 3-D images of the basin's surface to further assess the area's oil and gas potential and identify potential drilling areas.
Ratio Petroleum confirmed in an email that the 3D seismic survey is set to start and Shearwater has been hired to undertake the survey.
The survey, expected to take around 35 days, follows the completion of an initial survey which identified two prospective oil fields in the area.
The Philippines last month announced a plan to auction energy projects that include coal and offshore petroleum to meet the country's growing energy requirements as its only gas field is expected to dry up by 2027.
The Malampaya field supplies power plants that meet one-fifth of the power requirements of the country's main Luzon island, or more than one-tenth of total installed capacity nationwide.
The DOE said findings from the seismic survey will "further de-risk prospects and unlock the hydrocarbon potential of East Palawan Basin".
A country of 110 million people, the Philippines is dependent on imported fuel to meet its needs, making it vulnerable to global energy price shocks.
