The Philippines hopes to seal its first overseas oil and gas exploration deal later this year, with Equatorial Guinea, sub-Saharan Africa's third largest oil producer.
The head of the state exploration company, PNOC-Exploration Corp (PNOC-EC), told Reuters on Thursday that Equatorial Guinea offered the Philippines several offshore blocks during President Gloria Macapagal Arroyo's visit to the West African state in June.
"We talked with high level officials including their minister of oil and mining and they told us we will give you blocks, just tell us what blocks you like," Rafael del Pilar said in a telephone interview. Equatorial Guinea pumps some 390,000 barrels per day (bpd), including condensates. It wants to expand and modernise its energy sector, which has drawn billions of dollars of foreign investment since large oilfields were found in the mid-1990s.
Del Pilar said PNOC-EC was in talks with a number of private companies in Manila to form a consortium, which in turn would partner with GE Petrol, Equatorial Guinea's national oil company, for the possible offshore exploration project. "We are looking at data to make sure we get to choose the best block," del Pilar said.
If the deal goes through, it would be PNOC-EC's first overseas oil and gas exploration project. PNOC-EC holds the Philippine government's interests in various oil and gas exploration projects.
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