SC56 is a Service Contract (SC) located in Philippines waters off the northeast coast of Borneo. The SC became effective in August 2005 and covers an area of 8,620 square kilometres, equivalent to approximately 374 Gulf of Mexico blocks, or 36 UK Central North Sea blocks. Following a series of transactions with the four original PSC co-venturers, Mitra Energy (Philippines SC-56) Ltd became operator of the PSC in January 2006 with a 100% equity stake.

Under a farm-out agreement effective July 2008 ExxonMobil acquired a 50% equity holding in the SC and operatorship. Assignment of 25% equity in SC56 from Mitra Energy (Philippines SC-56) Ltd to BHP Billiton Petroleum (International Exploration) Pty Ltd was also approved on 17th September 2009. As such revised participating interests in SC56 are now: ExxonMobil Exploration and Production Philippines B.V. 50% (operator), Mitra Energy (Philippines SC-56) Limited 25%, BHP Billiton Petroleum (International Exploration) Pty Ltd 25%. The SC is located in water depths ranging from 0 to over 3,000 metres, covering the transition from offshore shelf to abyssal plain. The principal hydrocarbon play is contained within Miocene deepwater turbidite depositional systems in the distal setting of the Sandakan Basin. Gravity-induced thin-skinned tectonism has given rise to a number of large toe-thrust anticlinal structures which have significant hydrocarbon potential, analogous to other circum-Borneo proven deepwater toe-thrust belts such as the Kutei Basin and NW Sabah.