Malaysian company Blackbrique Investment Limited and SK Liguasan Oil and Gas Corp. (SKLOGC) signed a memorandum of understanding that would pave the way for the commercial development of oil and gas fields in Mindanao.
The MOU aims to establish a framework for collaboration on key projects in the upstream and downstream energy industries, promoting innovation, sustainability and mutual growth
The parties said in a statement that with the MOU, both companies are committed to exploring opportunities in the energy market that align with their strategic goals. Blackbrique’s expertise in energy investment and SKLOGC’s operational capabilities provide a strong foundation for achieving success.
Blackbrique, an offshore entity in Labuan Malaysia, will be responsible to raise funds and bring international contractors to develop the oil and gas fields awarded to SKLOGC in Mindanao.
SKLOGC, which owns Petroleum Service Contract No. 77 covering the development of the onshore Cotabato Basin, including the Liguasan Marsh, announced in 2022 that it was looking for potential investors.
Its service contract covers a 72,000-hectare petroleum-prospective area in the onshore Cotabato Basin, a 1.2-million-hectare area in Central Mindanao covering the provinces of Sultan Kudarat, Maguindanao, North and South Cotabato and includes Liguasan Marsh.
The MOU signing ceremony was held on Thursday and witnessed by representatives from Bangsamoro Oil and Fuels Corp. and Re Nexus Sdn Bhd, underscoring the importance of the partnership in the broader regional energy landscape.
SKLOGC previously identified 22 sites in the Maguindanao-Liguasan area with potential for oil and gas deposits.
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