PNOC EC, the exploration arm of the Philippine National Oil Company (PNOC), has teamed up with Iran's state oil company, NIOC, to explore the prospect of oil and gas investments in Iran and the Middle East as well as building a refinery in Mindanao Island in the southern Philippines.
According to Philippine news portal Phil Star, a memorandum of understanding was signed last week by the two companies. NIOC deputy for development and engineering affairs Gholamreza Manouchehri and PNOC-EC President Pedro Aquino Jr signed the agreement.
The agreement calls for feasibility studies for energy projects in both countries, including the development of Pazanan oil and gas field and third phase of Darkhoveyn field to supply gas to a prospective liquefied natural gas plant, construction of a gas liquefaction plant in Iran and the supply of Iranian crude to a proposed refinery in Mindanao.
The Darkhoveyn oilfield is located 30 km north of Khorramshahr and 100 kilometers south of Ahvaz in southern Iran. The field has a reserves of about 3.6 billion barrels of in-place oil.
Pazanan field is located 170 km southeast of Ahvaz in Khuzestan Province. Iran hopes to draw more than 20 million cubic meters per day of gas and some 31,000 barrels per day of crude oil from the field in its first development phase.
PNOC-EC is planning to construct an oil refinery in Mindanao within three years. Last year, the company said it was studying oil and gas opportunities in Nigeria and Iran.
Add new comment
Read our comment policy before posting your viewpoints