NextGen Day

In order for the Philippine National Oil Company (PNOC) to concentrate on oil and gas explorations that will reduce the nation’s reliance on imports, Senator Sherwin Gatchalian is requesting a modification to the company’s charter.

Gatchalian stated that the PNOC will build a national policy and framework specifically for petroleum exploration and development in his Senate Bill No. 380.

By eliminating current subsidiaries and shifting focus away from non-exploration activities, the bill seeks to restructure the PNOC.

For enhanced operational effectiveness and a more cogent and targeted direction, it will consolidate all subsidiaries and PNOC businesses.

According to Gatchalian, the PNOC-Exploration Corporation has not produced any oil or gas, with the exception of the Malampaya gas field, and the PNOC-Renewables Corporation has been experiencing losses for almost ten years.

The government’s role in petroleum exploration and development in the bansa is significant. Dapat nating mapagtibay ang mandato ng PNOC para palakasin ang industriya lalo na’t nakasalalay ang suplay at presyo sa inaangkat nating langis (The government has an important role in petroleum exploration. PNOC’s mandate must be strengthened to ensure smooth oil supply and establish prices in oil importation),” Gatchalian said in a news release on Friday.

Gatchalian contends that the PNOC has to be given the authority to invest in petroleum operating projects both domestically and overseas and that it ought to be permitted to keep half of its net earnings for use in regional petroleum exploration and development.

Gatchalian bemoaned the fact that since PNOC’s founding in 1973, it has engaged in a variety of activities that are inconsistent with its original mandate, which was to support the exploration and development of regional petroleum sources and to provide an adequate and stable supply of petroleum products to meet domestic demand.

Instead, the corporation set up eight companies, whose activities vary from promoting energy efficiency initiatives to developing geothermal resources.

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