State-run PNOC Exploration Corp. posted a net income of P850 million in the first six months, up 44 percent from P589 million year-on-year.
The company posted a profit before tax of P1.4 billion during the period from P899 million on year.
PNOC EC recorded higher service and business revenues of P2.512 billion from January to June, gains of P280 million and other non-operating income of P4.58 million against expenses of P1.393 billion during the period.
PNOC EC owns a 10-percent stake in the Malampaya gas project in northwest Palawan where it derives the bulk of revenues.
PNOC EC also owns stakes in service contract 37 (Cagayan), SC 74 Northwest Palawan, SC 63 (Sabina), SC 59 (West Balabac), SC 58 (West Calamian) and SC 57 (Calamian).
The Department of Energy has ordered PNOC EC to import diesel to secure the country’s fuel requirements.
PNOC EC, the oil and gas unit of parent Philippine National Oil Co., is studying the takeover of the Malampaya project.