STATE-RUN Philippine National Oil Co.-Exploration Corp. (PNOC-EC) is mulling plans to spend P5.48 billion for 2012 to bankroll investments and exploration work, documents obtained yesterday showed.

The figure proposed by a committee, if approved, will be slightly higher than the P5.02 billion alloted for last year as it will include a carry-over budget from 2011.

“To support the programmed activities for 2012, PNOC-EC requests for the approval of proposed investment budget of P3.81 billion,” the document prepared by an internal committee stated.

The company may then carry-over P1.68 billion unused budget from 2011 for projects such as the drilling of exploration well in service contract 63 (East Sabina), drilling and logging project in coal exploration contract 41 (Sta. Barbara and Lower Butong areas) and construction of a compressed natural gas plant in Batangas, which were all re-scheduled to 2012.