Oriental Petroleum and Minerals Corporation (OPMC) is a Philippine registered company incorporated on December 22, 1969 with the purpose of exploring, developing and producing petroleum and mineral resources in the country. As an exploration and production (E&P) company, OPMC’s operational activities depend principally on its petroleum Service Contracts (SC’s) with the government of the Philippines through the Department of Energy (DOE).
The company, in consortium with other foreign and local oil exploration and production companies has a valid and existing petroleum SC’s with the Philippine government for the exploration, development and production of certain areas situated mostly in offshore Northwest Palawan where petroleum in commercial quantities were discovered.
The company’s petroleum revenues are derived from the producing oilfields under Service Contract (SC) No. 14. The SC-14 contract area is composed of four (4) petroleum blocks (see SC-14/SC6 Area Map), namely Block-A (Nido oilfield), Block-B and B1 (Matinloc and North Matinloc oilfields), Block-C1 and C2 (Galoc and West Linapacan oilfields) and Block-D retention area. Of these areas, only Block C2-West Linapacan and Block-D are non- producing areas at this time. The West Linapacan oilfield is currently under evaluation for re-activation after it was shut-in in 1991 due to severe water intrusion.
Full field reservoir simulation studies are being undertaken to fully assess the technical and commercial viability of putting back the West Linapacan oilfield on stream by 2015. Block-D on the other hand, is designated as the Retention Block for SC-14. OPMC is also a member of the consortium of SC-6B the Bonita block. The SC’s operated by the consortium is being monitored and supervised by the government through the DOE.
At present, the company continues to look for business opportunities in energy and mineral resources projects that have potential for commercial development and eventually will add value to the company’s business undertakings.