Home >> Daily News >> Philippines News >> Energy >> Foreign firms seek tie-up with Philippines’ PNOC-EC
||25 August 2009
Foreign firms seek tie-up with Philippines’ PNOC-EC
Foreign oil and gas exploration companies are eyeing partnerships with state-controlled Philippine National Oil Co.-Exploration Corp. (PNOC-EC) for petroleum projects in the region, reported local daily the Manila Times.
Joe Eijansantos, PNOC-EC compliance officer, said that Pearl Oil (Thailand) Ltd. and another exploration firm in Indonesia have expressed interest in tying up with the company.
“They were invitations only and management has not decided any decision on both yet,” he said.
PNOC-EC has already conducted its own studies on the two companies’ proposed projects.
The oil firm has commenced with the technical studies for an exploration block in the Gulf of Thailand and an onshore area in North Sumatra.
Pearl Oil is a subsidiary of Pearl Energy, which in turn is owned by Mubadala Development Co., the investment firm of the Abu Dhabi government in UAE. Pearl Oil and PNOC-EC are partners in a petroleum service contract area in Ragay Gulf in the Southeast Luzon basin. The Indonesian firm, on the other hand, was not identified.
PNOC-EC earlier expressed interest in entering coal mining in Indonesia to complement its local coal business. In line with this, the state-run company last year signed a memorandum of agreement with Indonesian firm Putra Asyano Mutiara Timur to study the viability of operating a coal mine in the latter’s concession area in Central Kalimantan.
PNOC-EC is the upstream oil and gas subsidiary of state-owned PNOC, which owns 99.78 percent of the company. The remaining 0.22 percent is owned by public shareholders.
The government plans to privatise at least 40 percent of its stake in PNOC-EC by the fourth quarter to plug its budget deficit for the year.
Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below