‘PNOC-EC to prioritize petroleum exploration’
Philippine national oil Co.–exploration Corp. (pnoc-ec) would prioritize projects that are expected to yield profits, its newly appointed president said.
these projects include petroleum exploration and coal power, according to pnoc-ec president rozzano d. Briguez.
pnoc-ec holds four coal-operating contracts (COC): COC 41 (Malangas), COC 122 (isabela), COC 185 (Buug-malangas) and COC 186 (imelda-malangas). it also trades coal through its coal terminal located in Malangas, Zamboanga sibugay.
the company, which is chaired by energy secretary Alfonso G. Cusi, is also engaged in the following petroleum service contracts (sc): sc 37 (Cagayan), sc 57 (Calamian), sc 58 (West Calamian), sc 59 (West Balabac), sc 63 (east sabina), sc 74 (northwest palawan) and sc 75 (northwest palawan).
More importantly, pnoc ec has a 10-percent stake in the Malampaya deep water-gas-to-power project under sc 38.
“pnoc-ec will prioritize projects with higher projected revenue or fastest roi [return on investment],” Briguez said during the philippine energy independence Council virtual forum held over the weekend.
in particular, pnoc-ec will focus on the development and production of mines in COC 41, and the development of the coal mine-mouth power plant project in COC 122.
pnoc-ec also said it will continue with its exploration projects in COC 185 and 186, and pursue new exploration Cocs thru the doe’s (department of energy) philippine Conventional energy Contracting program.
it will also assess potential for coalbed methane in the Cocs.
in the future, pnoc’s exploration arm expects to be involved in new oil and gas discoveries that will augment the declining Malampaya reserves.
Briguez said these would include a new onshore gas field possibly in sc 37 and new offshore oil and/ or gas fields in West palawan under existing service contracts: sc 38, sc 57 and sc 59.
pnoc ec is also looking forward to the resolution of the maritime disputes between China and the philippines as this will lead to the resumption of petroleum operations for sc 58, sc 59 and sc 75, which are under force majeure.
the dispute, if and when resolved, would also increase government’s income from pnoc-ec’s participation in petroleum operations in the West philippine sea.
Also, Briguez said this will boost exploration and development of hydrocarbon resources in the vast West philippine sea.
still in the coal business, pnoc-ec is looking at production from two underground mines by 2025. Briguez said pnoc-ec’s underground coal mine operations will remain as the largest of its kind in the country.
Also, a coal mine-mouth power plant in isabela province will be in operation generating at least 50megawatts.
“pnoc-ec is looking forward to successful exploration in new petroleum and coal areas. new investments will be expected to come in with new areas to explore and develop,” he said. “pnoc-ec will be the leading energy exploration and production company in the philippines by 2030.”