MANILA, Philippines - PNOC-Exploration Corp. (PNOC-EC), the oil and gas exploration arm of the Philippine National Oil Co. (PNOC), is pushing through with its work program for the Camago-Malampaya Oil Leg (CMOL).
Gemiliano Lopez, PNOC chairman and CEO, said they are now conducting a study on how to go through with the CMOL work program.
“The technical study is under study by our group. And we are looking if Burgundy was able to satisfy the work program,” he said.
He said they would honor the contract with Burgundy. “We respect our contracts,” he said.
Experts believe that the Malampaya oil rim should be developed at the soonest time, before gas production will have brought pressures to a level that will lower recovery of the oil.
The CMOL has estimated reserves of 41 million barrels of oil.
The oil rim is located within the Malampaya gas field, which has a capacity to deliver power about 2,700 megawatts of electricity.
PNOC-EC owns a 10-percent stake at the $4.5-billion Malampaya natural gas project.
PNOC-EC also holds the rights for the development of CMOL project in offshore Northwest Palawan under the terms of service entered into with the DOE in March 2006.
The company is also taking the lead in the implementation of downstream natural gas infrastructure projects such as the Batangas to Manila natural gas pipeline, and the integrated Bataan liquefied natural gas (LNG) terminal, power plant and natural gas and pipeline projects.
Aside from petroleum, PNOC EC is also engaged in the coal business. The company holds coal operating contracts in various parts of the country, namely COC 41 and COC 152 (Siay) in Zamboanga Sibugay, COC 122 and 141 in Isabela and COC 140 in Surigao del Sur.
PNOC EC also operates coal terminals in Zamboanga Sibugay, Cebu, Batangas, and North Harbor, which serve as its handling facility for local as well as imported coal that the company supplies to power plants and cement factories in the Philippines.
PNOC EC also owns a private commercial port – the Energy Supply Base (ESB) located in Mabini, Batangas which offers berthing, cargo handling, storage and warehousing facilities to energy companies and other commercial clients.