Publicly listed Basic Energy Corp. has signed an agreement with Prime Energy Consult Ltd. to jointly explore and develop prospective oil and gas projects.
In a disclosure to the Philippine Stock Exchange, Basic Energy said the memorandum of understanding signed with Prime Energy, a company registered in the British Virgin Islands, would allow both parties to look for opportunities in the petroleum sector. But it was not made clear where the companies were hoping to explore.
Prime Energy, a firm based in Dubai, is currently in the business of providing technical advisory and consulting services to the oil and gas industry. It is owned and managed by a team of oil and gas experts with experience in delivering large-scale subsurface, field development and drilling projects worldwide. Most of its current projects are in the Arabian Gulf and East Africa regions.
Also, Basic also revealed that it would go into the exploration and development of renewable energy resources, such as geothermal energy, biomass and hydropower. But the company did not provide details on its planned foray into renewable energy.
The move of Basic Energy to pursue the development of renewable energy resources dovetails well with the goals of the Department of Energy, which is out to ensure national energy security by harnessing indigenous resources.
Last June, the DOE launched the Philippine Energy Contracting Round 4 for oil and gas, in which contracts to develop 15 prospective petroleum blocks in the Philippines were offered to local and foreign investors for exploration and development.