Quantcast
Latest Stories

PNOC-EC bags 3 deals for coal exploration in Mindanao

By

MANILA, Philippines— PNOC Exploration Corp., the upstream oil and coal arm of state-run Philippine National Oil Co., has bagged three new contracts to explore and develop prospective coal blocks in Mindanao.

In a disclosure to the Philippine Stock Exchange Monday, PNOC-EC reported that it was awarded by the Department of Energy Coal Operating Contract (COC) Nos. 184, 185 and 186, which were all  ffered previously under the fourth Philippine Energy Contracting Round.

“At this point, we are waiting to receive the signed COC contracts from the DOE,” the company said.

According to PNOC-EC, COC 184 (offered as Area 19B) covered 3,000 hectares of three coal blocks spanning across Trento, Agusan del Sur and Lingig, Surigao del Sur.

COC 185 (or Area 29) covers 2,000 hectares over the municipalities of Buug and Malangas in Zamboanga Sibugay. This particular COC included two coal blocks, which are located in the northeastern part of the Malangas coal district, where PNOC-EC’s underground coal mines are currently operating under the development and production phase.

Meanwhile, COC 186 (Area 30A) is composed of five coal blocks spanning across 5,000 hectares of land in the municipalities of Imelda and Malangas, also in Zamboanga Sibugay.

Through the awarding of such contracts, the DOE is hoping to further boost exploration activities in a country as under-explored as the Philippines. Although the coal and petroleum exploration in the country continues to attract private sector interest as evident in the number of proposals submitted under PECR 4, the Philippines still has a huge resource potential that remained untapped.

Current coal production also remained largely inadequate in serving local demand.

Data from the DOE showed that the Philippines has in-situ coal reserves of about 446 million metric tons, or 18.8 percent of the country’s total coal resource potential of 2.37 billion metric tons.

The PECR 4 was precisely envisioned to address the security of the country’s energy supply through the exploration of local indigenous resources. Harnessing local resources is expected to help the country meet its daily demand and reduce the importation of petroleum and petroleum products.

More importantly, developing the country’s own resources is deemed to be a long term plan of action that will reduce the country’s dependence on imported petroleum and mitigate the effects of oil price volatility.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Energy , oil , Philippine Stock Exchange , pnoc

  • Ronald Diaz

    Nice one for us but it should be environmental friendly.

  • Patas

    Good program!



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Pakistan library named ‘bin Laden,’ as memory fades
  • US teacher fired over comment on black president
  • Magnitude-7.5 earthquake shakes Mexican capital
  • Title of new Hillary Clinton book: ‘Hard Choices’
  • Filipinos, Dutch re-enact crucifixion of Christ
  • Sports

  • Nadal ousted by Ferrer in Monte Carlo quarters
  • Pacquiao shorts in Bradley fight sold for P1.7M in LA auction
  • Ryu pitches Dodgers past Giants
  • Alonso sets the pace in Chinese GP practice
  • Heat seek Three-peat but Spurs, Pacers top seeds
  • Lifestyle

  • Levine designs womenswear with help from fiancee
  • Gabriel Garcia Marquez, Nobel laureate, dies at 87
  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • Entertainment

  • Myx TV premieres Asian American ‘docu-series’
  • A nutty finale for ‘Scandal,’ TV’s craziest show
  • EXO postpones release of mini album ‘Overdose’
  • ‘X-men’ filmmaker slams ‘fabricated’ sex attack claims
  • Singer Chris Brown’s bodyguard on trial in DC
  • Business

  • US commerce secretary spells out economic facet of ‘pivot to Asia’
  • Italy sells luxury state cars on eBay
  • Asian shares mostly up in quiet trade
  • Dollar up in Asia on US jobs data, Ukraine deal
  • Barbie doll has a problem
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Multicultural flock marks Good Friday in San Francisco
  • Las Vegas ‘Pinoy Pride’ fest hails Filipino heritage
  • Marking Jesus’ journey on Good Friday
  • Filipina accomplice arrested for fake bills in Malaysia
  • DoH denies Filipino nurse no longer positive for MERS virus
  • Marketplace