MANILA — President Ferdinand R. Marcos Jr. has appointed Franz Josef George Espina Alvarez as Acting President and Chief Executive Officer and Acting Member of the Board of Directors of the Philippine National Oil Company (PNOC), effective 13 May 2026. He succeeds Joel R. Caminade in the position.

Alvarez brings to PNOC direct institutional experience in the energy sector, having previously served as President and Chief Executive Officer of PNOC Exploration Corporation (PNOC-EC), the Company’s upstream oil, gas, and coal exploration subsidiary, from July 2022 to November 2024.

During his tenure at PNOC-EC, Alvarez was among the consortium representatives present at the signing of the renewed Malampaya Service Contract (SC 38), which secured an additional 15-year production license until 2039. Under the renewed contract, the consortium committed to a $690 million exploration and drilling program from 2023 to 2026, with PNOC-EC participating as a 10 percent consortium member.

PNOC-EC also continued exploration and redevelopment activities across several petroleum service contracts, including SC 37 in the Cagayan Basin and SC 57 and SC 59 in offshore northwest Palawan. The company likewise pursued participation in the Cadlao Oilfield redevelopment project off northwest Palawan through a proposed farm-in arrangement covering the Cadlao 4 well.

PNOC welcomed Alvarez’s appointment as the Company continues to pursue its mandate of advancing indigenous energy resource development, strategic energy investments, and institutional continuity in support of the country’s long-term energy security objectives.