posted April 05, 2016 at 11:00 pm by Alena
Mae S. Flores
State-owned PNOC Exploration Corp.
said it will invest P8.4 billion in the Malampaya natural gas and other
petroleum exploration projects this year.
The amount is slightly higher than
the approved budget in 2015 of P8.039 billion.
PNOC Exploration issued a resolution
on the 2016 work program and operating budget, with the bulk or P6.129 billion
allocated for petroleum exploration projects.
The company also budgeted P1.365
billion for the Malampaya gas project in northwest Palawan, where the company
has a 10-percent stake. The oil and gas arm of Philippine National Oil Co.
derives bulk of revenues from the Malampaya gas to power project.
PNOC Exploration appropriated
P184.56 million for coal exploration project and P148.28 million for other
project developments.
The company also allocated P81.26
million in capital expenditures and P491.44 million for operating expenses (net
of depreciation).
PNOC Exploration reported an
unaudited net profit of P1.426 billion in 2015, down 41 percent from P2.43
billion precorded in 2014.
PNOC Exploration’s revenues also
softened to P4.717 billion last year from P6.6 billion in 2014, representing
the decline in world oil prices.
The company posted lower expenses of
P587.749 million in 2015, compared to over P1.1 billion in 2014.
PNOC Exploration has been looking at
ways to mitigate the impact of low oil prices on operations. Among
the the company’s previous plans was to increase international oil and gas
trading by appointing trading partners to supply oil and petroleum products in
countries that favor a government to government transaction.
It also planned to team up with
British Petroleum for the establishment of depot facilities in the country and
form business tie-ups with Nigeria, China, Oman and Russia to market their
products in the country.
PNOC Exploration also looked at
investing in small producing wells in Indonesia that would make the company an
oil producer.
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