British Gas eyes RP

British Gas eyes RP

MANILA (AFP): British Gas plc conducted talks with four local oil firms for possible oil and gas exploration activities in the Philippines, the Energy Department said yesterday.

Officials of the British firm met with executives of state- owned Philippine National Oil Co., South China Petroleum, Petrofields Corp. and Cophil Corp., Energy Undersecretary Rufino Bomasang told reporters.

British Gas technical experts are scheduled to arrive here next month to continue the firm's review of existing petroleum data, he said.

The firm expressed interest in the petroleum potential of the Cuyo prospect off the western island of Palawan and the Ragay Gulf in the eastern Philippines, he said.

British Gas signed a $50 million joint venture agreement last month with First Philippine Holdings Corp. to develop natural gas projects in the country.