PNOC-EC plans P22-B investments in 9 years

The PNOC-Exploration Corp. (PNOC-EC) is planning to invest up to P22.2 billion for its upstream and downstream petroleum and coal exploration projects for the next nine years.

PNOC-EC data showed that the company would need P1.3 billion for 2007. Of this amount, the bulk would go to petroleum exploration, or P657 million; P485 million would be used for its investment in coal exploration and development; and P168 million for petroleum downstream.

PNOC-EC is expecting to post an earnings of P2 billion this year, a drop from P2.6 billion in 2006.

Under the proposed 2007 net investment budget of the company, PNOC-EC would be spending some P64.58 million for the drilling of one well, seismic acquisition and training fund for Service Contract (SC) 43 in Ragay Gulf.

Other projects of PNOC-EC for this year and their corresponding proposed budget are:  SC 47 (Offshore Mindoro), P1.98 billion; SC 58 (North Calamian), P72.8 million); SC 58 (West Calamian), P270.4 million); SC 59 (West Balabac), and P15.6 million.

PNOC-EC is proposing to spend some P102.96 million for its South China Sea exploration; and SC 63 in East Sabina (P12.48 million).

For its natural gas-related projects, the company is projecting to invest some P232.23 million for 2007 for its project management and some right of way settlement for the Batangas-Manila gas pipeline (Batman 1).