MANILA, Philippines — As Philippine National Oil Company-Exploration Corporation (PNOC-EC) remitted P2.004 billion cash dividend to the government being its major shareholder, it also laid down drilling plans that it will carry out in three of its petroleum service contracts.

The company disclosed that exploratory well drillings would be scheduled for its Service Contracts 59 and 63 in Southwest Palawan basin. The venture would be pushed along with its partner-Australian firms BHP Billiton and Nido Petroleum.

PNOC-EC emphasized it will “undertake exploratory drilling in its respective service contract areas next year where the partners are confident of getting the country’s next major oil and/or gas find.”

At its Service Contract 37 in San Antonio gas production field in Isabela, PNOC EC said it is “on track in its exploration work and is scheduled to drill sometime in 2012.”

On the cash dividend remittance, PNOC-EC chairman Gemiliano Lopez Jr. indicated that he wants to lift the numbers further with sustained performance in the second half.

With the initial dividends of more than P3.0 billion in the first quarter, the company noted that the total payout to the national treasury will already reach P5.56 billion for the year.

“The series of cash dividends declaration have not hampered the company in its mandate of seeking sustainable energy sources such as oil, gas and coal,” Lopez stressed.

Beyond the well-known ‘cash call’ it has been preparing for the phases 2 and 3 ventures at the Malampaya gas field, the state-run firm is similarly channeling funds for its coal exploration program, primarily the mines in Mindanao which are due for advancements in developments.

Lopez noted that the company is already geared up for the next rounds of investments in the Malampaya project. After all, the 10 percent minority stake it holds in the venture is a real money-maker for the company.

Meanwhile, the prospects at its coal-operating contract (COC) 41 in Zamboanga Sibugay will be for 200,000-mt production annually. Two more mines are up for developments along Sta. Barbara and Lower Butong blocks; and these are expected to ramp up the company’s coal production to 800,000 mt a year by 2015. (MMV)