Philippine state-owned PNOC Exploration Corp. is studying overseas opportunities in oil and liquefied natural gas, specifically Nigeria and Iran, to boost the company’s long-term profitability.
PNOC Exploration president Pedro Aquino said in an anniversary statement 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.”