PNOC, China joint venture firmed up for Duterte approval
Service Contract 57, a petroleum exploration and development contract offshore northwest Palawan, has been endorsed to President Duterte for signing, Energy Secretary Alfonso Cusi said.
China National Offshore Oil Corp. (CNOOC) holds the biggest stake in the project at 51 percent followed by the state-run PNOC-Exploration Corp. (28 percent), and Malaysian firm Mitra Energy (21 percent).
The area spans 7,200 square kilometers within the northwest Palawan block where most of the country’s oil production comes.
Once the contract is signed, the consortium can finally pursue exploration in the area, which has been pending since 2008 because of tax issues.
“We have already finished the documentation, the contract and presented it already to the Office of the President,” Cusi said.