Oriental Petroleum eyes foray into power generation

By Jordeene Sheex Lagare – March 28, 2018
from The Manila Times

LISTED Oriental Petroleum and Minerals Corp. (OPMC) is looking to invest in various businesses within the Philippine energy sector such as power generation.

OPMC told the local bourse on Tuesday that its stockholders had approved the amendment of its secondary business purpose, allowing it to invest or engage in the business of power generation.

The company intends to embark in the exploration, development, utilization, and commercialization of renewable energy (RE) sources including biomass, solar, wind, hydropower, geothermal and ocean energy resources.

It also plans to get into “the application of hybrid systems and other emerging renewable energy technologies for the generation, transmission, distribution sale and use of electricity and fuel generated from renewable energy resources.”

Oriental Petroleum said shareholders also backed the extension of its corporate term to another 50 years as its original term will expire onDecember 22, 2019.

It said it is considering investing in all types of RE projects, including venturing in the upstream and downstream natural gas projects of the government through the Department of Energy (DoE).

Oriental Petroleum is a local exploration and production company engaged in upstream petroleum activities in the country. Its petroleum operations are located mostly in offshore Northwest Palawan.

Its three subsidiaries are Linapacan Oil and Gas Power Corp., Oriental Mahogany Woodworks, Inc., and Oriental Land Corp.