The oil and gas unit of the Roberto Ongpin-led Atok-Big Wedge Co. is allocating $200 million for oil and gas projects.
In an interview with reporters, the new president of Atok-Big Wedge, Jose Raymond Apostol, said that the budget that the company has set for prospective oil and gas projects locally and overseas is $200 million.
“The cash that we have here is about $200 million. At the moment, we can use that so we can start with one [project]. Once I see a project that’s worth investing for, it’s time to spend on that,” he said.
Apostol also said that as of now, the company is looking at some countries in Southeast Asia like Brunei and East Timor as potential areas for investments.
“Brunei and East Timor, I’m looking for projects in these areas,” he said, adding that the company is also open to worldwide exploration depending on the appetite of the firm’s shareholders.
“These are all capital-driven. It depends on your appetite for risk,” he added. As for how much investment the company intends to pour overseas, Apostol said that it may be $20 million for about 40-percent equity in a specific project.
Meanwhile, Atok-Big Wedge, which is also a mining firm, is currently looking at areas in the Philippines for further acquisitions and joint venture, particularly for mining projects.
Madelaine B. Miraflor