PNOC-EC net profit up 55% in 9 months

PNOC Exploration Corp., the upstream oil and coal arm of state-run Philippine National Oil Co., posted a 55-percent surge in its net income to P2.46 billion in the first nine months due to the strong performance of its business units and prudent spending.

In a statement, PNOC-EC chair and president Gemiliano Lopez Jr. cited the case of its energy supply base business, which generated a 220-percent jump in total revenue to P1 .41 billion this year from only P440 million last year.

Its other business units, namely, the Malampaya project and the coal trading and integrated services, also generated more income, he added.

Given the robust performance of the company, Lopez said PNOC-EC would undertake new exploration projects in pursuit of its mandate, which was “to play a crucial and decisive role in the country’s quest for energy independence and sustainability.”

Lopez disclosed that PNOC-EC has earmarked P900 million to drill within the first half of next year an exploration well in the East Sabina prospect within Service Contract 63.

PNOC-EC also continued to conduct various geological studies within its other service contract areas, hoping that these could lead the company to discovering new sources of oil and gas, he added.

For its coal projects, PNOC-EC remained keen on providing material support for the proposed coal-fired power plants in the provinces of Isabela and Zamboanga Sibugay. The power plants would improve the electricity generation in those underserved provinces, Lopez explained.