THE Philippine National Oil Co.-Exploration Corp. (PNOC-EC) has set aside over P10 billion for this year’s operating budget.
The board approved a budget of P10.592.56 billion, with the bulk to be utilized for exploration and production projects.
Resolution 12-3-2019 states that P10.05 billion of the amount is allocated for these projects, including coal exploration and development (P1.81 billion), petroleum exploration (P7.47 billion) and Malampaya (P766.31 million). PNOC-EC’s capital expenditure for the year is P64.7 million, and operating expenses are set at P477 million.
EC is the upstream oil, gas and coal subsidiary of PNOC.
Earlier, Energy Secretary Alfonso Cusi said he wants the PNOC-EC Board to review all transactions after President Duterte sacked the corporation’s president last year.
PNOC-EC President and Chief Executive Officer Pedro A. Aquino Jr. was asked by the President to resign after the former signed a memorandum of agreement with a Russian firm without approval of the Board or its chairman.
Aquino’s replacement has yet to be named.