State-run PNOC Exploration Corp., the oil and gas arm of Philippine National Oil Co., wants to take a 20-percent stake
“We are already in advanced discussions to participate in SC 6B Cadlao field with drilling scheduled this year and production next year,” PNOC EC planning and budget department manager Alexis Dela Torre said in a recent Senate hearing.
Sacgasco holds its SC 6B interest in wholly-owned subsidiary Nido Petroleum Phils. Pty. Ltd. Nido has 9.09-percent stake in SC 6B and is increasing this to 72.727 percent. Its shareholdings will be reduced to 52.727 percent once the farm-in of PNOC EC is approved. PNOC EC will pay Nido $3.34 million upon execution of the agreement and an additional $10.1 million to be paid upon cash calls as operations commence. The final amount is dependent on the approved costs of the Department of Energy.
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