State-owned PNOC Exploration Corp. said net income in 2016 declined to P1.027 billion from P1.3 billion in 2015 as a result of lower oil prices.
PNOC Exploration, the oil and gas arm of Philippine National Oil Co., posted lower revenues of P3.87 billion in 2016, compared with P4.721 billion in 2015 and P6.6 billion in 2014.
The company derives its income from oil and gas exploration and production and has a 10-percenty stake in the Malampaya natural gas project in Palawan which powers power plants in Batangas.
The company used to earn revenues from oil and coal trading operations, but these were transferred to parent company PNOC.
PNOC Exploration is eyeing petroleum areas overseas, with a focus on Asia-Pacific. “The project involves evaluation of open areas and petroleum blocks overseas offered through bid rounds and farm-in opportunities,” it said.