Basic Energy, Malaysian firm in oil exploration venture

MANILA, Philippines – Publicly listed Basic Energy Corp. entered into a partnership with Malaysia’s Petrosolve Sdn BHd for oil exploration in and outside the Philippines.

The companies agreed to form a joint venture that will engage in the “identification, exploration, development, management and operation of oil wells,” Basic Energy told the Philippine Stock Exchange in a disclosure on Tuesday, February 12.

“The joint venture will bring about a strategic alliance between Basic Energy and Petrosolve, with each party contributing their respective network, expertise and experience in the field of oil and gas exploration, development and production,” the company added.

Basic Energy President Oscar de Venecia said the partnership covers potential projects outside the Philippines.

“We are still looking at potential projects… not necessarily in the Philippines,” he said.

Petrosolve is a Malaysian company that is in the business of oil field services, including application of chemicals for increased oil production, and development of oil and gas fields and wells.

Basic Energy is engaged in energy development, particularly oil exploration, in the Philippines. It also has investments in petroleum projects in Mindoro. – Rappler.com