MANILA, Philippines - PNOC Exploration Corp., the oil and gas exploration arm of state-owned Philippine National Oil Co. (PNOC), has earmarked P7.19 billion this year for several investment projects in the petroleum and coal industries.
This year’s allocation is slightly higher than the 2013 approved work program and budget of P7.043 billion, documents showed.
Investments in the pipeline include activities in petroleum and coal exploration, the Malampaya deep-water-to-gas project as well as other compressed natural gas projects.
Of the P7.187 billion, P3.23 billion will go to its investments in petroleum exploration and development.
PNOC Exploration president Pedro Aquino earlier said the company is looking at exploratory drilling works for service contract 37 in Cagayan and SC 63 in southwest Palawan this year.
Drilling for SC 37 is expected within the quarter while that for SC 63 is targeted sometime in the third quarter.
For the Malampaya venture in northwest Palawan where PNOC Exploration (PNOC-EC) holds a 10-percent stake, the company has set aside P2.291 billion to fund its expenditures.
About P591.77 million will be channeled to coal projects.
The company announced last year plans to develop two coal plants in Isabela and Zamboanga Sibugay with a combined capacity of 200 megawatts.
PNOC-EC is mandated to explore and develop energy resources in the country. Thus, it is constantly on the look out for potential sources of energy and has undertaken various onshore and offshore oil and gas exploration activities in many parts of the country.
Since 2002, the company has been engaged in coal trading as well as related services, which it assumed from PNOC Coal Corp.