PNOC president Pedro Aquino said the company will try to confirm the presence of oil deposits in the area off the coast of Mindoro island, estimated by Petronas to hold up to 160 million barrels in recoverable reserves.
Aquino said Petronas will own 80% of a 40% share in the oil drilling venture with PNOC-Exploration Corporation (PNOC-EC) - the state exploration group - taking up the remaining 20% of that share.
The
