The Philippine National Oil Company was created in 1973 to ensure an adequate supply of oil and oil products to sustain the economy’s growth and the nation’s social well-being. Since then, amendments have been made to its charter to include the country’s exploration, exploitation, and development of all energy resources.
Since its creation in 1973, PNOC has operated as a holding company, and its mandates were undertaken through subsidiaries it created. Over the years, these subsidiaries were either privatized or abolished. In September 2014, the Governance Commission for GOCCs (GCG) mandated the transformation and reorganization of PNOC from a purely holding to also an operating company.
The transformation of PNOC from a holding company into also an operating company was jumpstarted by the abolition of two subsidiaries: the PNOC Alternative Fuels Corporation (PAFC) and PNOC Development and Management Corporation (PDMC). The GCG recommended PNOC’s assumption of all remaining assets (and liabilities) and ongoing projects of the dissolved subsidiaries. However, PNOC remains to perform its role as a holding company to its remaining two operating subsidiaries, the PNOC Exploration Corporation (PNOC-EC) and the PNOC Renewables Corporation (PNOC-RC). As the parent company, PNOC continues to exercise oversight over its existing subsidiaries’ programs and projects, providing financial assistance whenever necessary.
In line with this thrust, PNOC underwent an overhauling of its corporate structure according to a GCG-approved reorganization plan under Memorandum Order No. 2018-05 to attain optimum efficiency in the allocation of resources and services by minimizing organizational levels, combining common functions and changing its structure and staffing pattern. In addition, PNOC undertook the development of future energy programs and projects according to its mandate.
Based on the GCG-approved PNOC Charter Statement and Strategy Map, the company’s projects, initiatives and activities are all geared towards the attainment of the company’s vision which is the provision of vital energy resource development and energy infrastructure conducive to a clean environment and a balanced and sustainable growth for the country.
Currently, PNOC’s programs and projects include the management of its real estate assets, the banked gas, and the efficient operation of Energy Businesses: the management and operation of the Energy Supply Base (ESB) in Batangas and the PNOC lndustrial Park in Bataan.
PNOC is also involved in research for the development of various energy-related infrastructure projects aimed toward achieving energy security and stability.
(version: as of March 17, 2023)