State-owned PNOC Exploration Corp. is bullish about prospects in Iran and Russia this year, a top executive said.
“Our plan to look for overseas opportunities is slowly beginning to bear fruit…I am optimistic that 2018 will be a very good year for our company,” PNOC Exploration president Pedro Aquino said.
He said the company was in talks with an Indian firm for its projects in Iran.
“We are currently in talks with ONGC Videsh Limited of India to be our consortium partner in various projects in Iran,” Aquino said.
PNOC Exploration announced last year that it was exploring potential investment in an oil and gas field in Iran as a part of its new portfolio of projects.
Meanwhile, Aquino said the cooperation agreement PNOC Exploration signed with Rosneft of Russia “will start to get going beginning January 2018.”