PNOC teams up with Ofi Investment Group of France for biomethane prospect
The Philippine National Oil Company (PNOC) has signed an agreement with Ofi Investment Group of France to study the potential of biomethane use in the country as part of efforts to support the energy transition.
Under the memorandum of understanding signed on Friday, PNOC will work with Ofi’s Asian subsidiary, Syncicap Asset Management, and local consulting firm Grow Capital Partners to conduct technical studies, feedstock assessments and knowledge exchange activities.
The feasibility phase will determine whether biomethane production is viable and scalable for the Philippines.
Rizal Wijono, managing director of Hong Kong-based Syncicap, said the studies would be conducted in three areas in the northern Philippines.
“We know that there is a need for this, particularly coming from Asia, where the call for greenification is actually far more outspoken than in Europe itself, where a lot of the ecosystems already exist,” Wijono said.
Biomethane, one of the main renewable gases used in Europe to cut emissions, is a purified form of biogas produced from the controlled breakdown of organic matter, such as manure and agricultural and food waste.
Wijono said the initial focus would be on chicken manure and hydrogen as potential energy sources.
“France brings a strong experience in waste recycling and sustainable finance, while the Philippines offers, to our mind, incredible potential in turning waste into clean energy,” said Syncicap CEO Jean-Marie Mercadal.
The partnership will also explore opportunities for developing a circular economy.
Circular economy
Ofi plans to establish a local holding company and tap qualified Philippine investors to mobilize up to $850 million for renewable molecules and circular economy projects.
“We are here to unlock and de-risk opportunities so that more capital, more technology and more partners can confidently come into the Philippine energy space,” said PNOC president and CEO Cristina Sheila Cabaraban.
Cabaraban said the partnership can also boost investments into renewable energy in the Philippines.
In the first 11 months of 2025, investments in renewable energy reached P479.78 billion or 58.74 percent of the total P816.81 billion investment approvals by the Board of Investments.
