PNOC Exploration Corp., the oil and gas arm of state-owned Philippine National Oil Co. (PNOC), is planning to increase international oil and gas trading to boost its revenues.
Pedro Aquino Jr., PNOC EC president, said this will be done by appointing trading partners to supply oil and petroleum products in countries that are supportive of a government-to-government transaction.
He said PNOC EC is also planning to expand business tie-ups with Nigeria, China, Oman and Russia to market their products in the Philippines and other countries.
“We have to make certain that we continue to grow and to fund all our existing and future projects,” said Aquino.
Aquino earlier said the company has entered into an agreement with British Petroleum for the establishment of an oil depot in the country. “We are looking for a tie-up with British Petroleum for the establishment of depot facilities in the country,” he said.
He said the move will help government efforts toward energy security while providing additional revenues to the company.
Although they have already signed a Memorandum of Agreement (MOA) with BP, Aquino said there are still a lot of things they need to settle.
BP is a multinational oil and gas company producing fuel, petrochemical products and lubricants.
PNOC Exploration had planned to put up a strategic oil reserve in 2011 wherein it would import oil and sell it to the smaller players at lower cost to shield consumers from price volatilities in the international market. But the plan did not materialize for various reasons.
Aquino however said this did not stop the company from pursuing its mandate to explore and develop new oil and gas sources.
“We experienced some hiccups in our operations brought about by the sharp decline in the price of crude,” he said.