|Today, we celebrate the 40th year founding anniversary of PNOC EC. Over the last 40 years, EC has evolved into an exploration company worthy of its place as a partner of choice in the oil industry in the Philippines.
All of this would have not been possible without the pioneering efforts of the men and women who have served the company past and present. The Presidents that served before me have left their own marks in strengthening and molding what PNOC EC is today.
We will continue to focus our efforts in the oil and gas exploration and development not only in the Philippines but also in other countries. We started the drilling of Baragatan in SC63 last 2014 and we followed this up with the drilling of Mangosteen well in SC 37 last 2015 where we discovered gas. We will continue to develop SC 37.
We received offers for the development and production of oil wells in Nigeria and Iran. We are studying these offers very closely. Because of the low percentage of oil and gas discovery in the Philippines, we are inclined to consider these offers. However, we will not be put in peril whatever scarce resources we have. We are trying to do all of these through a free carry equity scheme wherein EC will be free-carried in the expense for the development and production of the oil wells. Also, we are strengthening our international oil trading in petroleum products all geared at increasing EC’s revenues without too much dependence from the Malampaya revenues.
Currently, we are in talks with potential partners for the construction of offshore and onshore LNG liquefaction plants in Iran as well as the construction of a LNG receiving terminal, regasification plant and power plant in Leyte and Cebu. In addition, we will be trading LNG both here and abroad coming from the LNG liquefaction plants in Iran. These Projects are very capital intensive but we are determined because we will have partners that can provide us both the financial and technical muscles to make these Projects become realities.
Rightly so, because our aim is to position EC as a global player in the oil industry with presence in at least three continents.
I am very optimistic that we will succeed. Again, happy 40th anniversary to one and all.