PNOC EC to bid for 9 oil and coal prospects

Tuesday, 10 Jan 2012

PNOC Exploration Corp plans to apply for at least nine service contracts for the exploration and development of petroleum and coal blocks being offered by the government under the Philippine Energy Contracting Round 4.

Mr Gemiliano Lopez Jr PNOC-EC chairman and CEO disclosed that the company was initially interested in four coal blocks and at least five oil and gas areas in Palawan and Mindanao.

He said that PNOC-EC—the upstream oil and coal arm of state-run Philippine National Oil Co preferred to bid for the blocks that were near the areas covered by its existing service contracts as it was most likely already familiar with these places. The company studies for its existing service contracts usually extended to the adjacent areas.

PNOC-EC, however would continue conducting additional studies for the areas it planned to bid for to ensure that these blocks would fit its

Under the PECR 4, the Department of Energy is offering 15 contracts for the exploration, development and production of prospective oil and gas sites in areas covering 7.92 million hectares in onshore and offshore Cagayan, Central Luzon, northwest Palawan, Mindoro-Cuyo basin, east Palawan and Cotabato.

For coal, the 30 blocks up for auction are located in Quezon, Camarines Norte, Albay, Sorsogon, Masbate, Occidental Mindoro, Oriental

1. Mindoro, Negros Occidental, Cebu, Bohol, Agusan del Norte, Misamis

2. Oriental, Agusan del Sur, Surigao del Sur, Compostela Valley, Davao

3. Oriental, Lanao del Sur, Lanao del Norte, South Cotabato, Sultan

4. Kudarat, Sarangani, Zamboanga del Norte and Zamboanga Sibugay.

The company planned participation in the ongoing PECR 4 will allow PNOC-EC to fulfil its mandate to explore, exploit, develop, transport, distribute, trade in, import and export oil, gas and other energy resources.

It is also mandated to engage in the search for indigenous sources of energy. Since its establishment, PNOC-EC has undertaken various onshore and offshore oil and gas exploration activities nationwide.

(sourced Business.inquirer.net)