Basic Energy inks jv with Dubai firm

MANILA, Philippines - Basic Energy Corp. has signed a memorandum of understanding with Prime Energy Consult Ltd. to jointly develop business opportunities in the oil and gas industry.

In its disclosure to the Philippine Stock Exchange, Basic Energy said they will work together on oil and gas projects that will be mutually agreed upon.

Prime Energy, whose offices are based in Dubai, UAE, is currently in the business of providing technical advisory and consulting services to the oil and gas industry. It is owned and managed by a team of upstream oil and gas professionals with experience of delivering large scale subsurface, field development and drilling projects worldwide.

Its current projects are focused on the Arabian Gulf and East Africa regions.

Aside from its oil and gas projects, Basic Energy s into the exploration and development of renewable energy resources, such as geothermal energy, biomass and hydropower. Its wholly owned subsidiaries include Basic Petroleum & Minerals Inc. (BPMI), an oil and gas exploration and mining company; Basic Diversified Industrial Holdings, Inc., an investment holding company; and iBasic Inc., an information technology management company and service integrator. It also owns 72.58 percent of Southwest Resources Inc., an oil exploration company.

Its two other wholly-owned subsidiaries include Basic Biofuels Corp., which is into the development of biofuels and Basic Ecomarket Farms, Inc., which is into agriculture, focusing initially on cassava development and production.

Basic Energy is presently a party, together with other oil exploration companies, in the exploration, development and production of contract areas in Service Contract 47 in offshore Mindoro and Service Contract 53 in onshore 2 Mindoro.

The company aims to be a major factor in the country’s drive for energy self-sufficiency through clean, efficient and reliable energy sources.