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.