The government of the Philippines has lifted a 13-year-old ban on farmouts and farmins by the state oil company.
President Rodrigo Duterte issued an executive order rescinding a June 2006 requirement, by then-President Gloria Macapagal-Arroyo, that Philippines National Oil Co. form partnerships only through “a strict bidding procedure.”
The new order allows PNOC Exploration Corp. to farm out interests in petroleum service contracts it receives from the government and to farm in to contracts held by third parties.
