State-owned PNOC EC is planning to invest 8.039 billion pesos ($181 million) this year with more than half — upwards of 4.5 billion pesos — earmarked for exploration.
A further 2.436 billion pesos will be spent on work at Shell’s giant producing Malampaya gas field off the Philippines’ island of Palawan in which PNOC EC has a 10% interest.
The company already has its sights on acquiring a 15% stake in Otto Energy’s Service Contract 55 off the Philippines, where the Hawkeye wildcat is now expected to be spudded in the third quarter.
