Philippine Oil Companies Plunge into Venezuela, Panama, Colombia to Expand Oil Production, Energy Sources
Philippines oil companies have plunged into Venezuela and Panama to expand oil production and to expand production of the country’s lucrative petrochemical industry.
A total of seven companies and four holding companies have been awarded licenses for oil exploration in the country, as well as for drilling operations, in an effort to diversify the economy, said Vice President Leni Robredo in a statement on Tuesday.
The companies include the Philippines Petrochemical Development Corp. (PDC), which has a 30 percent stake in Maracaibo’s Oil Field.
PDC said in a release on Tuesday that it is currently planning to expand operations in Venezuela.
“The Philippines Petrochemicals Development Corp is investing in oil exploration, development and production in the Maracaizas oil field in Venezuela,” the PDC added.
The Philippines PetroChemicals Development Corporation is a subsidiary of PDC.PDC has also secured a 40 percent stake for Maracaisa Oilfield.
Pdc’s president, Jose Jose Mendoza, was quoted in a Philippine Oil Development Corp (PADC) press release on Monday as saying that the Maracanazas Oil Field would produce between 2.5 million and 3 million barrels per day (bpd) of oil, equivalent to about two percent of the Philippine GDP.
Mendoza also said that the field will generate an additional 200,000 bpd of new jobs.
In an interview with Al Jazeera last month, Mendo, who is also the president of the Maranhala Oil and Gas Development Corp., said the Philippines would benefit from expanding its oil production capacity.
“This is a good opportunity for us to expand our production in this field,” Mendo said.PADI is the parent company of PDB, which is based in the Philippines.
The Philippines Petroleum Development Corp, meanwhile, was awarded a license for drilling at the Maracana Oil Field, according to the PPDC.
It is not clear how many licenses the Philippine Petrochemical Corporation (PPC) has already secured.
Mendoza said the expansion would create at least 2,000 new jobs in Maracanayas, adding that the Philippines Petroleum and Petrochemical Company is a “key” player in the region.
Maracanayacos Oil and Petrochemical Company was founded in 2003 by President Fidel V. Ramos and his family, according the Philippine National Petroleum Corporation (PNPC).
The PPC is the largest petroleum company in the Philippine economy.