To acquire new areas for petroleum exploration and production (E&P) through bid rounds and farm-in opportunities.
The project involves evaluation of open areas and petroleum blocks overseas offered through bid rounds and farm-in opportunities. PNOC EC aims to acquire new blocks if technically, economically, and legally feasible.
In 2005, PNOC EC was mandated to expand its upstream petroleum investment overseas. The company has evaluated farm-in opportunities offered by international oil companies which included blocks in Southeast Asia, Africa, Middle East, Australia, South America and the USA. PNOC EC has also evaluated offered blocks in petroleum bid rounds in Colombia and Myanmar. No firm investments have materialized so far. PNOC EC is now prioritizing evaluation and eventual acquisition of producing assets with focus in the Asia pacific.