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PNOC-EC extends P500M grant to UP

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PNOC-EC extends P500M grant to UP

/ 09:23 PM November 17, 2011

MANILA, Philippines—The Philippine National Oil Co. Exploration Corp. (PNOC-EC) has given a P500-million endowment to the University of the Philippines to further advance energy research and development in the country.

The agreement, signed last week by PNOC-EC chair and chief executive Mel Lopez and UP president Alfredo Pascual, stated that the P500-million grant would be used to bankroll scientific energy research, development, and scholarships at the country’s premier state university.

Lopez said the fund would help ensure that PNOC-EC would always have a steady supply of qualified engineers, geologists, technicians, and other highly skilled personnel to perform its mandate.

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It was also meant to provide gains to the country’s energy exploration and development efforts through UP’s research and development output, which could potentially aid in the discovery of new oil, gas, and coal fields in the country, he said.

The P500-million grant would be disbursed over four years, starting this year.

Each year, students and faculty members would be identified as recipients of scholarship grants, research grants, and professorial chairs.

Beneficiaries of scholarship grants will be required to work with PNOC-EC after graduating from the university for at least a year for every year of scholarship. Employment with the state-run energy exploration firm, however, is subject to hiring and recruitment processes.

In case the grantee does not end up working at the state firm, he or she will be required to stay in the country to practice his or her profession for at least a year for every year of scholarship.

Recipients of research grants and professorial chairs, on the other hand, should conduct research studies and lectures on topics applicable or related to PNOC-EC’s core purpose of exploring, extracting, and developing oil, gas, coal, and other energy resources in the country.—Abigail L. Ho

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TAGS: endowment, Energy, grant, oil and gas – upstream activities, Research, University of the Philippines
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