Mining and Oil Companies in Tawi-Tawi

P863 M investment pours into Tawi-Tawi, 1,000 jobs created March 3, 2015 10:58 pm

COTABATO CITY, Maguindanao: The Board of Investments (BOI) of the Autonomous Region in Muslim Mindanao has approved a total of P863 million worth of projects in Tawi-Tawi, which were expected to generate more than 1,000 jobs for local residents, a senior official said.

BOI Chairman Ishak Mastura said the agency approved the registration of Tawi-Tawian Petroleum Trading Corp and Chan C Mining Inc, which is engaged in mining and quarrying of nickel ore for export to China.

“Despite the Mamasapano incident, investors’ confidence is high,” Mastura said. “In fact, there are fresh investments coming in Maguindanao with a project cost of P1.3 billion on palm oil and P2 billion on banana.”

Tawi-Tawian Petroleum, which is engaged in the importation and distribution of petroleum products, has a project cost of P121.25 million. The company has started construction of three oil depot in Panglima Sugala.

Chan C Mining will operate at Barangays Karaha and Dungon and expect to produce one million metric tons of ore per year. The company will invest P741.8 million to the project.

Mastura said a string of new projects from BOI-registered firms were on the pipeline this year, including the expansion of a biomass power plant and banana plantation, rehabilitation of a starch factory and construction of an oil depot at Port of Polloc in Parang by Iron Blaze Corp.

He said investor optimism has not waned despite the Mamasapano controversy and new investments were pouring into the region.

http://www.manilatimes.net/p863-m-investment-pours-into-tawi-tawi-1000-jobs-created/166990/

Oil Drilling in Sulu Sea Continues

Total, Mitra ready Sulu Sea oil drilling
By Alena Mae S. Flores | Mar. 08, 2015 at 10:30pm



Total E & P Philippines B.V., a local unit of Total E & P of France, and joint venture partner Mitra Energy Ltd. of Malaysia will conduct oil drillings in service contract 56 in South Sulu Sea in the next five years under an extended work program.

“In October of 2014 we have taken operatorship and now we are studying the development of the first well,” Fabien Colmet Daage, general manager of Total E&P Philippines said in a recent forum.

Daage said the company obtained an extension of its work program from the Energy Department until August 31, 2020.

“We have more time to access the potential of the site… You all know that the probability of not finding is higher than the probability of finding… but we are not discouraged,” the official said Daage.

Total holds a 75-percent stake in SC 56, while Mitra owns the balance.

Total acquired a 75-percent stake from Mitra, which bought it from ExxonMobil Exploration and Production Philippines B.V. (50 percent) and BHP Billiton International Exploration Pty Ltd (25 percent).

ExxonMobil withdrew its 50-percent stake in SC 56 after finding “non-commercial quantities of gas” in South Sulu Sea.

Daage said the company in the next five years had certain minimum work obligation it must comply with the government.

“Total is back.. I said Total is back because in the 70s and until the early 80s, Total was actually in exploration in the Philippines,” he said.

Read   more@ http://manilastandardtoday.com/2015/03/08/total-mitra-ready-sulu-sea-oil-drilling/