"We will not take the offer because we found very little or low potential," Mañalac said.
The PNOC earlier explored oil and gas reserves in Gambia west of Africa following an offer from Gambian president Alhaji Dr. Yahya A.J.J. Jammeh to explore five exploration blocks there at no cost to the government.
Gambia’s offer was in exchange for the Philippines’ assistance several years ago when it was still struggling as a nation.
PNOC looked into the five exploration blocks but found the oil and gas prospects wanting of commercial quantity.
Mañalac said the samples taken from Gambia during his visit in Gambia last month were brought to London for analysis.
PNOC, however, is still considering pursuing a sixth exploration block which although not offered to the Philippines showed promising oil and gas reserves.
"We saw some in the sixth block. We continue to evaluate the sixth block, knowing it was not offered to us. We promise to get back at them with finality by the end of this month," said Mañalac.
Should subsequent tests indicate commercial quantities oil and gas deposits, PNOC will explore the possibility of looking for joint venture partners to carry out the project.
"If there is economic attraction in the prospect then we will try to form a consortium because PNOC can not do it alone," he said.
During Jammeh’s visit in the Philippines, he signed three agreements with President Arroyo on political and economic cooperation.
The agreements were signed as part of the state visit of Gambian President Jammeh in the Philippines last June 20 to 23. Jammeh and President Arroyo witnessed the signing of the agreements.
The three agreements signed during Jammeh’s visit includes the memorandum of understanding (MOU) for the establishment of a bilateral consultative committee between Gambia’s Department of State for Foreign Affairs and the Philippines’ Department of Foreign Affairs; MOU between the Philippine Chamber of Commerce and Industry (PCCI) and the Gambian Chamber of Commerce and Industry (GCCI); and memorandum of agreement (MOA) between SK General Enterprises Ltd. of Gambia and Century Properties Inc. and Concord International Services of the Philippines.