PNOC-EC eyeing to be leading energy exploration, production company by 2030

PNOC-EC with bg

Through the Philippine National Oil Co. Exploration Corporation (PNOC-EC), the government is looking to improve its oil and gas prospects as the Marcos Administration pushes to develop the country’s indigenous energy resources. 

According to a Philippine Star report, PNOC-EC said it is looking to be the leading energy exploration and production company in the country by 2030 with global reach and becoming a partner of choice in exploration and production. 

PNOC-EC has interests in seven petroleum service contracts (SCs) and three coal operating contracts (COC). The state-run company holds 100% interest and operations of SC 37 Cagayan in the Cagayan Basin, as well as SC 57 Calamian and SC 59 West Balabac in offshore northwest Palawan. 

PNOC-EC president and CEO Franz Josef Alvarez said that the company is gearing up for the drilling of the Chico-1 well and the remediation of Mangosteen-1 gas discovery well under SC 37  – a 2,220 square-kilometer project covering the San Antonio gas field that produced three billion cubic feet of gas for the three megawatt (MW) San Antonio gas-fired power plant in Isabela in 1992 to 2008. 

Meanwhile, Alvarez said that they have completed studies on the shallow water prospects, including its feasibility and economic viability under SC 59 West Balabac. Drilling for a deepwater prospect in the SC is also being considered by the PNOC-EC. 

SC 59 West Balabac was awarded to PNOC-EC back in 2006 with an area of 14,760 square kilometers. 

A 3D seismic acquisition and processing program is being prepared for the SC 57 Calamian area. The SC is a 7,120 sq. km project on offshore Palawan, around 50 kilometers from the northwesternmost tip of Busuanga island. 

In February this year, PNOC-EC said that it is looking for joint venture partners for its oil and gas exploration in SC 57. 

For coal projects, PNOC holds 100% participating interest in COC 41 in Zamboanga Sibugay, COC 122 in Isabela, and COC 204 in Malangas. 

PNOC-EC is currently developing Mine 3 under COC 41 in Zamboanga – which is expected to commence operations by next year. It also undergoing pre-development activities for Mine 4, and studies in other areas in the COC. 

Meanwhile, for COC 24 Malangas, a 2,000-hectare project in the southeastern part of the Malangas coal district in the Sibugay Peninsula, Alvarez said that PNOC-EC has obtained a certificate of non-coverage from the Department of Environment and Natural Resources (DENR), and the endorsement from the municipal council of Malangas of exploration activities.