PNOC-EC forms more bidding bodies

Manila Times.net
Published : Saturday, February 11, 2012 00:00 Written by : Euan Paulo C. Añonuevo


STATE-OWNED Philippine National Oil Co.-Exploration Corp. (PNOC-EC) has created three separate bids and awards committees (BAC) to enhance the company’s bidding process.


Gemiliano Lopez, PNOC-EC chairman, said that the three BACs will help them ensure transparency and competitiveness in the company’s procurement activities.


“[The three BACs] would ensure faster and more efficient processing of the company’s growing number of procurement requirements,” he added.


PNOC-EC is the petroleum and coal arm of state owned PNOC. The former’s major source of revenues is its 10-percent share in the Malampaya field, the country’s largest natural gas producer.


At present, the government owns 99.71 percent of PNOC-EC shares, with the public owning the remaining 0.29 percent. The PNOC-EC official said that besides pursuing the planned and ongoing projects this year, the company plans to roll out more oil, gas and coal exploration and development activities.


As such, the creation of three independent BACs, which will handle biddings through drawing of lots, will help the company spread its volume of work.


Under the Government Procurement Act or Republic Act No. 9184, a state-owned company may create more BACs “where the number and complexity of the items to be procured shall warrant.”


Last year, PNOC-EC declared a cash dividend of more than P5 billion to the government out of its revenues from the Malampaya natural gas field, its commercial port in Mabini, Batangas, and coal trading operations.