Oriental Petroleum and Minerals Corporation
Oriental Petroleum and Minerals Corporation (PSE: OPM) is a publicly-listed company engage in the business of exploring, developing and producing petroleum and mineral resources in the Philippines. The company has three wholly-owned subsidiaries, namely, Oriental Mahogany Woodworks, Inc., Linapacan Oil Gas and Power Corporation, and Oriental Land Corporation. Its President and Chief Executive Officer is Robert Coyuito, Jr.. As of January 20, 2011, Oriental Petroleum Mining Corporation has a total market capitalization of P1.68 billion and share price of P0.014.
Oriental Petroleum and Minerals Corporation was incorporated in December 1969 to explore, develop and produce petroleum and mineral resources in the Philippines. These operational activities are dependent on the Service Contract with the government.
One of these Service Contracts entered into by Oriental Petroleum with the government through the Department of Energy was designated as SC 14 for the exploration of the contract areas along the offshore of Palawan. SC 14 is composed of four blocks namely: Block – A (Nid), Block – B (Matinloc), Block – c (Galoc and West Linapacan) and Block – D. However, it is only Blocks A and B that are fully operational.
It was in the latter part of 1993 that oilfileds experienced seepages in the producing wells. Hence, production activities were temporarily halted in January 1996. To date, operation has never been resumed.
For 2009, crude oil produced from Nido and Matinloc oilfields was sold and delivered to Pilipinas Shell.
Oriental Petroleum operates or had operated three subsidiaries namely: Oriental Mahogany Woodworks, Inc., Linapacan Oil Gas and Power Corporation, and Oriental Land Corporations.
Oriental Mahogany Woodworks, Inc. was incorporated and started commercial operations in May 1988 with the principal objective of supplying overseas manufacturers, importers and designers with high quality furniture. However, management ceased its operations in 1994 because of continued operating losses.
Linapacan Oil Gas and Power Corporation was incorporated in January 1993 to engage in energy project and carry on and conduct the business relative to the exploration, extraction, production, transporting, marketing, utilization, conservation, stockpiling of any forms of energy products and resources.
Oriental Land Corporation was incorporated in 1989 to serve as the company’s real estate arm. It has since remained dormant since its incorporation.
As of September 30, 2010, Oriental Petroleum had a total revenue of USD12.3 million, up 407% from last year’s USD2.4 million. The substantial increase in the company’s petroleum revenues was brought about by its share in the revenues from Galoc operations. For the period ending September 30, 2010, Galoc contributed USD11.03 million in the recorded revenues while Nido/Matinloc operations accounted for USD1.31 million. The company’s assets totalled USD57.02 million, an increase of USD4.45 million or 8.46% versus USD52.58 million for the same period of 2009.