State-owned upstream player Philippine National Oil Company Exploration Corporation (PNOC EC) wants the Philippines government to reverse legislation that is preventing it from farming out domestic acreage without a bidding exercise.
PNOC EC is urging the government to repeal Executive Order 556, which it claims has effectively scuppered its plans to attract partners for hoped-for exploration work.
EO 556 requires the national company to carry out bidding for each block, and means PNOC EC is not able to directly negotiate farm-outs for its service contracts with prospective partners.
