State-owned PNOC Exploration Corp. is open to joint overseas ventures in petroleum and coal projects in Nigeria, Syria, Australia and Myanmar after dropping plans to participate in the auction for Colombia contracts in June.

PNOC Exploration said in a regulatory filing that it conducted preliminary evaluation of the farm-out offers in Nigeria and in four areas in Indonesia but no joint venture agreements were firmed up so far.

“We are open to have joint ventures for these projects because many of these opportunities are in areas already licensed to other companies,” said PNOC Exploration president Rafael del Pilar when asked for comment.

Del Pilar said the company’s overseas expansion plans were still in the “early stages” and that it was looking at opportunities.

PNOC Exploration also evaluated the Syrian onshore blocks in preparation for an auction as some areas in Australia and Myanmar. Read more...

By Alena Mae S. Flores (www.manilastandardtoday.com)