Offshore staff

PNOC Exploration Corp. chose a consortium led by Mitra Energy Ltd of Singapore as partner for an oil extraction project in Camago-Malampaya off the western Philippine island of Palawan.

Camago-Malampaya natural gas now being used for electricity generation on the island of Luzon.

Based on Mitra's estimates, 41 million barrels of oil can be extracted from the reservoir over four years, with the cost of the project estimated at $684 million.

Production of oil will start before the end of next year.

6/9/06