Philippines' PNOC to Bid for Five Oil, Gas Blocks

The Philippine National Oil Co., the state owned energy firm, is expected to bid for five oil and gas exploration blocks recently auctioned by the government.

The company is also looking to invest in four coal blocks.

The exploration contracts are mostly near Palawan and Mindanao.

Last June, the Department of Energy launched the contracting round for petroleum exploration, where 15 oil and gas blocks where auctioned.