Oriental Peninsula eyes entry into natural gas development
Apart from venturing into renewable energy, miner Oriental Peninsula Resources Group Inc. is interested in participating in the development of the country’s natural gas industry.
In a disclosure to the Philippine Stock Exchange (PSE), Oriental Peninsula said it received stockholders’ approval to include upstream and downstream natural gas developments in its secondary purpose to its amended Articles of Incorporation (AOI).
“Oriental Peninsula, being one of the active industry players in upstream petroleum energy exploration and production in the country with legal, technical and financial qualifications, may consider venturing into renewable energy projects of all kinds,” it said.
“Also, to include venture in upstream and downstream natural gas projects of the government through the Department of Energy (DOE),” the company said.
In its amended secondary purpose, Oriental Peninsula added “to invest or engage in the business of power generation in all its aspects,” and “to invest or engage in the exploration, development, utilization and commercialization of renewable energy resources, such as biomass, solar, wind, hydropower, geothermal and ocean energy resources, including the application of hybrid systems and other emerging renewable energy technologies for the generation, transmission, distribution sale and use of electricity and fuel generated from renewable energy resources.”
Meanwhile, shareholders also approved the extension of its corporate life for another 50 years.
“We need to amend our AOI since our term is expiring on Dec. 22, 2019,” the company said.
After being cleared by stockholders, Oriental Peninsula will need the approval of the DOE to venture into re- newable energy space and natural gas industry, and the Securities and Exchange Commission for the corporate life extension.
Incorporated in 2007, Oriental Peninsula Resources is a holding company intended primarily to consolidate and operate companies that own mining tenements located within the Philippines. It debuted on the PSE in December 2009.
Also in 2009, it acquired 40 percent of Oriental Energy Power Corp., and signed a service contract with the DOE to build an 18-megawatt (MW) hydropower plant in Timbahan River, Aklan.
It also had plans to construct a P2.5-billion hydropower project in Panay Island in the Visayas.
The company, through subsidiary Citinickel Mines and Development Corp., owns two nickel mining projects in southern Palawan, namely Toronto Mine and Pulot Mine, which are both covered by an approved 25-year mineral production sharing agreement (MPSA) with the government.
The MPSA covers 2,176 hectares of the total area, 1,408 hectares of which are located in Espanola town while 768 hectares are in the municipality of Narra, both in southern Palawan.
In early 2017, Citinickel concluded the mine operation under the MPSA. It has set up a fund, allocating P1 million for every shipment of its existing stockpile, for mine rehabilitation and transition of the mine area to a self sustaining community-based enterprise economy.