PNOC to drill oil in RI

PNOC to drill oil in RI

MANILA (Reuter): The Philippine National Oil Co (PNOC) said its unit, PNOC-Energy Development Corp (PNOC-EDC), has been contracted by Asamera Oil of Canada to drill an oil and gas field in Indonesia's South Sumatra.

In a statement yesterday, PNOC-EDC said it will use one of its nine rigs for the drilling. The rig was shipped to Indonesia last week.

The company did not disclose the value of the oil drilling contract.

"The contract is in line with the company's thrust to export our expertise and technology," PNOC-EDC president Nazario Vasquez said in the statement.

PNOC has been leasing out its rigs to local firms. It started to market its drilling expertise abroad last year after a slowdown in local geothermal drilling activities.