"We are very pleased that Sibneft and Rosneft, which are two of the world’s leaders in exploration business, have taken keen interest in our exploration sector. We have often said that the country has been richly blessed with petroleum reserves. We have invited them to look into these and they have responded positively," Perez said.
Sibneft is one of the Russia’s most progressive oil companies with proven crude reserves of four billion barrels in place and gas reserves of some 52 billion cubic meters. Sibneft currently has 16 fields in production.
Rosneft, Russia’s state-owned oil company, is engaged in prospecting and exploration and hydrocarbon deposits, crude oil and gas extraction and sales of oil, gas in Russia and abroad.
Recently, Rosneft formed a consortium with Itera and Zarubezhneft to develop the Caspian Sea and thus boost the hydrocarbon crude reserves of these companies.
Perez joined the Philippine delegation headed by House Speaker Jose de Venecia for a five-day oil diplomacy meeting in Russia. The meeting was intended to beef up efforts to ensure adequate energy supply amidst possible shortage due to US-Iraq conflict.
The delegation, which left the country late last month upon the instructions of President Arroyo, talked with major oil producers in Russia to encourage them to use the Philippines as a springboard for their expansion in the Asian oil market.
"The Philippines strategic position in Asia and the extensive oil and gas reserves it holds are reasons for other countries to explore possibilities of joint venture. We are hopeful that the initial discussions in Moscow will in time be sealed with commercial agreements between the Philippine and Russian oil companies," De Venecia said. – Donnabelle Gatdula