The study will be funded by the Spanish government through a 235,000 euros grant from the Instituto de Credito Official.
The agreement was signed by PNOC president Eduardo Manalac, PNOC manager for Renewable Energy Rene Bala, Soluziana Managing Director Maria Do Carmo Vidoeira, and Commercial Counsellor for the Spanish Embassy Jose Miguel Cortez.
PNOC has been pushing for more hydroelectric power development projects in the country.
The company said first in its priority list is the 23.5-megawatt (MW) Timbaban Hyrdopower in Ma. Cristina Madalag, Aklan.
PNOC said a feasibility study, funded by JETRO was already completed and is now under review and evaluation of the PNOC Investments and Appraisals Committee (PNOC-IAC).
It said another hydro project, 17.8-MW Catuiran Hydropower project in Calapan, Oriental Mindoro is also being reviewed by PNOC-IAC. A feasibility study for this particular project is also funded by JETRO.
According to PNOC, if approved, the two projects are seen to address the looming energy crisis in the Visayas Region and displace a significant amount of diesel consumption in the province of Mindoro.
"It is significant to note that majority of energy sources in the province comes from diesel-powered plants," it said.
A feasibility study was also completed last March on a 17.8-megawatt Sicopong Hydropower Development Project in Sta. Catalina, Negros Oriental.
Other potential areas PNOC is currently studying are the 25-MW Villasiga Hydropower in Sibalom, Antique, the 20-MW Pasil Hydropower in Kalinga, the 3.7-MW Paracelis Hydropower in Mountain Province and the yet undetermined capacity in Ifugao in conjunction with a project to restore and protect the Banawe Rice Terraces.