Viking Charges Into Palawan Basin

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Privately owned independent Viking Energy has agreed to finance the development of three fields in offshore block SC 54A. The investment could lead to the development of an oil hub with a number of other discoveries and prospects likely to be tied back to new production and processing infrastructure. This latest development raises upside risks to our oil production forecasts, which currently anticipate a rise in output from 33,000b/d in 2012, to 39,000b/d by 2016.