Philippines state-owned PNOC Exploration Corp. has teamed up with an Iranian oil firm to explore possible investments in oil and gas prospects in the Middle East and in a refinery in Mindanao.
PNOC signed a memorandum of understanding with National Iranian Oil Company (NIOC). The deal was signed by NIOC's Deputy Managing Director for Development and Engineering Affairs Gholamreza Manouchehri and PNOC EC President Pedro Aquino Jr., philstar.com reported.
The MoU will cover a preliminary review, evaluation, assessment of several proposed projects in the Philippines and Iran.
These include investment for the development of Pazanan (oil and gas) fields and third phase of Darkhovein field to supply gas to the proposed liquefied natural gas (LNG) liquefaction plant; investment in the construction of an LNG liquefaction plant in Iran; supply of oil as feedstock of the proposed refinery in Mindanao.
The Darkhovein oilfield is located 30 kilometers north of Khorramshahr and 100 kilometers south of Ahvaz, Khuzestan Province. The field has a reserve of about 3.6 billion barrels of in-situ oil.
Meanwhile, Pazanan oilfield is an Iranian oil and natural gas field that is located 170 kilometers south east of Ahvaz in Khuzestan Province and between Aghajari and Bibi Hakimeh fields.
Being one of huge retrograde gas condensate reservoir in Iran, Pazanan oilfield is estimated to have total proven reserves of around 50 trillion cubic feet and production is slated to be around 750 million cubic feet/day and around 31,000 barrels per day.
At home, PNOC is planning a refinery in Mindanao, which is projected to be built and put into operation within the next three years.
Last year, the company revealed plans to study overseas oil and gas opportunities in Nigeria and Iran for long-term profitability.