PNOC-EC presses exploration program

Publicly-listed Philippine National Oil Co.- Exploration Corp. (PNOC-EC) is intensifying its oil, gas and coal exploration in preparation for its privatization within the year.

"We need to enhance our operation so that investors will be encouraged to invest in our company," PNOC-EC president Rufino Bomasang said yesterday.

PNOC-EC, the exploration arm of the state-run Philippine National Oil Co. (PNOC), is preparing for its privatization within the year or early next year which is expected to fetch some $500 million to $1 billion for the government.

Bomasang said they are exploring two more oil and gas prospects in offshore Mindoro. "We are eyeing one gas project in Tablas and one oil prospect in Cherry," he said.

Bomasang. however, said that they need new partners for these two exploration projects who could put in an additional $5 million to $10 million for each project.

"We need partners for the project," he said, adding that "we will be needing at least $5 million to $10 million for each project."

Aside from oil and gas exploration, the PNOC-EC has started to take over the operations of the PNOC-Coal Corp. (PCC).

"Apart from operating the Isabela mine project of PCC, we have also a coal project in Zamboanga which has started to produce 300 metric tons per day," Bomasang said. – Donnabelle Gatdula