SKLOGC taps partner for oil, gas
Homegrown firm SK Liguasan Oil and Gas Corp. (SKLOGC) has partnered with a Malaysian firm to help finance its exploration activities for petroleum in Mindanao.
SKLOGC and Blackbrique Investment Ltd signed the memorandum of understanding in Manila on Thursday, marking both parties’ collaboration in the upstream and downstream energy industries.
The pact covers the exploration and development of natural gas and crude oil.
Under the deal, Blackbrique would secure funds as well as bring in foreign contractors focused on engineering, procurement, construction, and commissioning of related facilities.
“Both companies are committed to exploring opportunities in the energy market that align with their strategic goals. Blackbrique Investment Ltd.’s expertise in energy investment and SKLOGC’s operational capabilities provide a strong foundation for achieving success,” the joint statement read.
In March 2022, SKLOGC won a service contract with the Department of Energy to explore and develop an area in the Cotabato Basin, which touches a portion of the Liguasan Marsh.
The Liguasan Marsh is believed to have abundant oil and gas deposits, with a former presidential bet saying developing this area could help the Philippines become self-sufficient in fuel.
According to SKLOGC, the service contract covers 72,000 hectares of land in Mindanao.
The company previously bared its plan to invest nearly P2 billion for drilling appraisal wells over a period of seven years.
With this potential opportunity, SKLOGC said this could spur economic growth in the region, attracting foreign investments and triggering job creation.
