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Tuesday, April 26, 2016
Philippines state-owned PNOC Exploration Corp. is looking to expand its horizons and is looking at opportunities in oil and LNG, specifically in Nigeria and Iran.
In his anniversary statement, the company’s exploration president, Pedro Aquino, said that despite the low oil price regime, the company would focus efforts on oil and gas exploration and development not only in the Philippines but also in other countries.
He said the company received offers to develop oil wells and produce in Nigeria and Iran, which could provide a strategic investment opportunity.
“We are studying these offers very closely. Because of the low percentage of oil and gas discovery in the Philippines, we are inclined to consider these offers,” he said.
Aquino said PNOC Exploration was also looking at opportunities in LNG here and abroad.
“Currently, we are in talks with potential partners for the construction of offshore and onshore LNG liquefaction plants in Iran as well as the construction of a LNG receiving terminal, regasification plant and power plant in Leyte and Cebu,” he said.
“In addition, we will be trading LNG both here and abroad coming from the LNG liquefaction plants in Iran.”
He said PNOC Exploration’s new projects were capital-intensive “but we are determined because we will have partners that can provide us both the financial and technical muscles to make these projects become realities.”
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