In a disclosure to the Philippine Stock Exchange (PSE), SOC said it has finalized its application for a non-exclusive geophysical permit (NGP) covering 1.5 million hectares in the offshore East Palawan and Northwest Sulu sea areas.
SOC vice president for operations David Baladad said the NGP area is immediately south of the SOC/Shell Petroleum Exploration B.V. (SPEX) geophysical service exploration contract (GSEC)-99 Block. SPEX is the major operator of the $4.5 billion oil/gas exploration in Northwest Palawan, along with its partners PNOC-Exploration Corp. and Texaco of the US.
Baladad, however, did not give details on the results of the exploration in Palawan.
SOC was originally incorporated as South China Petroleum & Exploration, Inc. on Sept. 25, 1992 primarily to undertake oil and gas exploration, development and production.
It later changed its name to its present one on the eve of the economic turmoil that hit almost all of Asia.
The exploration firm opted to refocus its core business objectives, diversifying into investments in banking and telecommunication.
However, it will still continue its exploration in areas it considers the best in the country, mainly concentrating its efforts in the Sulu Sea.
In October 1995, SOC bought into Premier Development Bank (24.51 percent). It also has shares in Bell Telecommunications Philippines Inc. (32.4 percent). Bell was incorporated in 1993 and was launched in 2000.