OPMC diversifying into power generation
Homegrown crude oil producer Oriental Petroleum and Minerals Corp. is expanding into the electricity generation business as it renews its corporate life for another 50 years.
In a regulatory filing, OPMC said that, following its annual stockholders meeting earlier this week, the secondary purpose clause of the company’s article of incorporation was amended—mainly for the additional purpose of investing or engaging in the business of power generation.
Another amendment will allow OPMC to invest or engage in renewable energy resources projects, such as those using biomass, solar, wind, hydropower, geothermal and ocean energy, as well as hybrid systems and other emerging technologies in this market.
“OPMC, being an active player in upstream petroleum energy exploration and production in the country, may consider venturing into renewable energy projects of all kinds,” it said.
It may also consider venturing into upstream and downstream natural gas projects of the government through the Department of Energy, OPMC added.
Established on Dec. 22, 1969, OPMC is a petroleum and minerals exploration firm whose activities are focused on its service contracts with the government.
Its revenues and expenses relate to an area covered by Service Contract No. 14, where the Nido, Matinloc and Galoc oil production fields are located.
A fourth asset, West Linapacan, is under evaluation for possible reactivation since it was shut down in 1991 due to water intrusion into its oil wells.
These assets are also the source of crude exports from the Philippines, which is a net oil importer.
In 2017, the Philippines shipped out 1.4 million barrels of oil from Galoc in Palawan.
