"We have informed them of the improved economic situation in the Philippines and the renewed peace and order in Mindanao. It’s high time to revisit these areas again," PNOC president Thelmo Y. Cunanan said.
Cunanan said the PNOC-EC and Petronas used to have a 50-50 joint venture for the exploration of seven areas in Cotabato, including the Sultan Sabarongis, in 1994. But Cunanan said the Malaysian state-run oil giant decided to withdraw its participation due to security and economic concerns.
According to Cunanan, they would send a formal invitation to Petronas president and CEO Tan Sri Dato Mohd Hassan Marican.
"I already asked PNOC-EC president Rufino Bomasang to write them (Petronas) officially about our request," Cunanan said.
As this developed, PNOC-EC chief operating officer Rafael del Pilar said the oil and gas prospects in Cotabato are significant in size.
"If these prospects are proven to be commercial in quality, the Philippines would really be recognized as one of the countries in Asia with vast natural gas energy resources," Del Pilar said.
Last year, PNOC-EC had plans of pursuing a P220-million third exploratory well in the Cotabato basin in Mindanao.
The third well, Gansing I, is located in the Cotabato basin. The drilling project is covered by geophysical survey and exploration contract (GSEC) No. 73. Since 1999, the PNOC-EC had drilled two onshore wells in the area namely: Sultan-sa-Barongis (SSB) 1 and SSB-2.
Based on PNOC-EC record, an open-hole test conducted at SSB-1 yielded a stabilized natural gas flow rate of 186,000 standard cubic feet per day (SCFPD). SSB-2, on the other hand, also confirmed the presence of natural gas with a measured flow rate of about 270,000 SCFPD.
Petronas is the counterpart of PNOC in Malaysia. It is an active player in both upstream and downstream oil sectors of the Philippines.
Recently, Petronas subsidiary, Petronas NGV Sdn Bhd (PNGV) signed a three-year memorandum of understanding (MOU) with PNOC to introduce the natural gas-powered vehicles, the Enviro 2000, in the country, as well as to jointly promote the use of natural gas for vehicles (NGV).
Under the MOU, PNGV and PNOC will pool their resources and expertise to embark on a six-month field demonstration in Manila involving six units of the Enviro 2000.
The two parties will also undertake a joint feasibility study on the development of the other NGV-related businesses in here.