Profile:
Through Presidential Decree No. 334, the Philippine National Oil Company (PNOC) was created on November 9, 1973, to provide and maintain an adequate and stable supply of oil. Focusing its efforts and resources in learning the ropes of the petroleum industry, PNOC rose to occupy market leadership in an industry thought to be the domain of multinationals. Its charter was amended to include energy exploration and development.Today, the Philippines is the world's largest user of wet steam technology in geothermal operations. It is ranked second to the United States in terms of total megawatts generated from geothermal energy.After its creation, PNOC serves as the key institution in the exploration development and utilization of indigenous energy sources. Developments in the country as well as the global front make it imperative for the company to get more involved in new and renewable energy activities and projects. The country's first power plant is fueled by natural gas from a well in San Antonio, Echague, Isabela, supplying the electricity requirements of some 10,000 rural households in various towns around the area. Since 1993, PNOC has also ventured on petrochemicals, setting up the Philippines' first petrochemical industrial estate in Limay, Bataan.
Update Time:
2020-09-23
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