Basic Energy tying up with Malaysian firm

BASIC Energy Corp. has forged an agreement with Malaysia-based Petrosolve Sdb BHd for the joint identification, exploration, development, management and operation of oil wells in the Philippines or overseas.

In a disclosure to the Philippine Stock Exchange yesterday, Basic Energy said the joint venture would bring about a “strategic alliance between Basic Energy and Petrosolve, with each party contributing their respective network, expertise and experience in the field of oil and gas exploration, development and production, and thus enable the parties to expand their respective operations globally.”

Petrosolve, a company registered in Malaysia, is engaged in the business of oil field services, including the application of chemicals for increased oil production and the development of oil and gas fields andwells. The company holds the patent rights to a new technology that enhances oil recovery.

According to Basic Energy, the parties have agreed to establish a joint venture company.

“We partnered with Petrosolve to look for projects. We are still looking at potential projects here and overseas. We are still in the process of discussing and researching,” Basic Energy president Oscar de Venecia told reporters yesterday.

“The exploration and development of oil wells could mean existing exploration or production areas. We already identified certain areas, but we couldn’t disclose the details yet. We can enter existing exploration areas, or start our own,” de Venecia said.