PNOC-EC Eyes Study to Make Oil, Gas Drilling Marketable

The state-run Philippine National Oil Company – Exploration Corp. (PNOC-EC), along with the Department of Energy (DOE) and the University of the Philippines (UP), will conduct an extensive study to make the country’s 16 sedimentary basins marketable for oil and gas exploration, its president and chief executive officer, Rozzano Briguez, said.

During the Energy Independence Crucial to National Security virtual Kapihan ng Samahang Plaridel on Tuesday, Briguez said a geophysical and geological study on these 16 sedimentary basins aims to attract new investments to boost exploration in the development of hydrocarbon resources.

He noted that this study is vital to both domestic and foreign investors who make business decisions on the viability of the exploration.

Briguez added that the government needs to accelerate the development of new energy supply with the declining reserves in the Malampaya gas field.

“We envision new oil and gas discoveries to augment and replace (the) Malampaya reserves,” he said, noting that the PNOC-EC is pursuing some exploration plans for oil, gas, and coal, such as new service contracts in Cotabato, Cagayan, East Palawan, and the West Philippine Sea, as well as high-revenue coal projects, such as in Zamboanga Sibugay and Cagayan.

“One challenge we have is the resolution of the maritime disputes in the West Philippine Sea. We hope to have a resumption of petroleum operations in SC (service contracts) 58, 59, and 75 – these are all in (the) West Philippine Sea, west of Palawan. We hope to boost exploration of hydrocarbon resources in this vast area,” Briguez said.

In the same online forum, the House of Representatives’ “power bloc” – Ako Padayon Pilipino Party-list Rep. Adriano Ebcas, Apec Party-list Rep. Sergio Dagooc, Recoboda Party-list Rep. Godofredo Guya, and Philreca Party-list Rep. Presley de Jesus – called for the implementation of national defense and security policies to attain an independent and sustainable energy supply.

The lawmakers have filed House Resolution 1063, directing the Committee on National Defense and Security and other appropriate committees to conduct an inquiry in aid of legislation on national security issues affecting energy security in the country and the implementation of national defense and security policies to attain an independent and sustainable energy supply. (PNA)