What's New

  • 1973
    • Presidential Decree (PD) 334 creates the Philippine National Oil Company (PNOC).
    • PNOC acquires ESSO Philippines, Inc., and majority equity interest in the Bataan Refining Corporation (BRC).
    • Geronimo Z. Velasco is appointed PNOC Chairman and President.
  • 1974
    • PNOC signs the first government to government supply contract with Kuwait and later enters into direct supply contracts with People's Republic of China, Indonesia and Saudi Arabia.
    • National Development Company (NDC) transfers to PNOC the majority and controlling shares held in Filoil Refinery Corporation (FRC). Thereafter, Petrophil Corporation is created with the merger of the production and marketing activities of FRC and ESSO.
    • To end the country's dependence on foreign-owned shipping for crude oil deliveries, 3 Tanker Companies, namely the PNOC Tankers, Petron Tankers and Petrophil Tankers are created with the acquisition of M.T Diego Silang, M/T Sultan Kudarat, and M/T Raha Sulayman.
  • 1975
    • PNOC acquires 70% of Luzon Stevedoring Corporation (LUSTEVECO) to rationalize the movement of oil and oil products throughout the country.
    • Heads of National Oil Companies of Indonesia, Malaysia, Philippines, Singapore and Thailand establishes the ASEAN Council on Petroleum (ASCOPE), an instrument of regional cooperation, active collaboration and mutual assistance in the development of petroleum resources through joint endeavors among ASEAN Member Countries.
    • Petron Tires, Batteries and Accessories (TBA) Corporation is spun-off.
  • 1976
    • PD 927 expands PNOC Charter into an Energy Company and calls for the accelerated exploration and development of non-oil energy and indigenous energy resources.
    • PNOC-Energy Development Corporation (PNOC-EDC) and PNOC-Exploration Corporation (PNOC-EC) are created.
    • PNOC-Energy Supply Base (ESB) and PNOC Energy Drilling Division (EDD) are organized to assist PNOC-EDC and PNOC-EC.
  • 1977
    • PNOC commissions the 3MW Geothermal Pilot Plant in Tongonan, Leyte.
    • PD 1206 creates the Ministry of Energy (MOE). Velasco is sworn in as Minister of Energy.
  • 1978
    • PD 1442 establishes the Service Contract System for geothermal energy development.
    • The Tanker and Bulk Oil Departments, Mabini Supply Base and the Batangas Ship Repair and Maintenance Facilities of the former LUSTEVECO is converted into PNOC Marine Corporation (PMC) and PNOC Shipping and Transport Corporation (PSTC).
  • 1979
    • Malangas Coal Corporation (MCC) is created to handle the Malangas Coal Development Project.