A senior official with Philippine National Oil Company (PNOC) said the corporation is exploring opportunities to invest in Iran’s oil projects following the removal of anti-Tehran sanctions.
PNOC Exploration President Pedro Aquino said in a statement on Sunday that despite the low oil price regime, the company would focus efforts on oil and gas exploration and development not only in the Philippines but also in other countries, including Iran, The Standard reported on Sunday.
He added that PNOC has received offers to develop oil wells in Iran and Nigeria.
“We are studying these offers very closely. Because of the low percentage of oil and gas discovery in the Philippines, we are inclined to consider these offers,” Aquino said.
The company's keenness to invest in Iranian energy sector comes against the backdrop of a new wave of interest in ties with the Islamic Republic after Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 reached a lasting nuclear deal on Tehran's peaceful nuclear program and started implementing it on January 16.
The comprehensive nuclear deal, known as Joint Comprehensive Plan of Action (JCPOA), terminated all nuclear-related sanctions imposed on Iran.