Oil and gas exploration firm South China Resources Inc. is looking into food production in the Philippines.
Edgardo P. Reyes, chairman of South China Resources, said in a report to stockholders during their annual meeting at the Manila Golf Club Thursday that the company is identifying large tracts of land suitable for agro-industrial complexes for food production.
"This endeavor is still very much in the early stages," Reyes said.
The company is diversifying into food production because "we believe in the thesis that rising incomes in the Asian region will drive greater protein consumption."
South China Resources is also actively pursuing projects in mining in the Philippines and in some Asean countries.
"We see this to be a new growth area with the opportunity to generate a new income stream," Reyes told stockholders.
Reyes also reported that the company hopes to bag the more prospective areas of the 15 petroleum areas that the Department of Energy is bidding out in the middle of the year.
The company continues to aggressively pursue oil and gas exploration activities and has acted as an operator and service contractor in 13 service contracts spanning several sedimentary basins in the country.
South China Resources participated in various exploration phases, the most recent one being last year’s drilling of the Silangan well with Shell Petroleum Exploration and KUFPEC in service contract-60 in northeast Palawan.
"We will continue our oil exploration. The challenges we experienced with the Silangan-1 well in service contract 60 have spurred us to more aggressively pursue oil exploration in the country," Reyes said.
He added that the SC 60 joint venture embarked in end-2010 on a leading-edge controlled source electro-magnetic (csem) survey over the area, prompting the company to look into the potential of other leads and prospects in the contract area.
South China Resources recently relinquished service contract 41 and service contract 71 as the prospectivity versus time and work commitments under the contract were no longer attractive.
Among the company’s more recent investments are in SOC Land Development Corp. and in Atlantic Gulf and Pacific Co. (AG&P).
Reyes said SOC Land was formed to take advantage of the opportunity in housing development.
South China Resources acquired a 2½-hectare property in a prime location in Muntinlupa to become the site of SOC Land’s first project, Anuva, a 2,000-unit, mid-priced, medium-rise housing development project.
The five-year Anuva project has a capital expenditure budget of P2 billion.
South China also invested in AG&P, which is set to expand services and acquire new contracts.
Reyes said over the last three years, investments have resulted in an income of over P1.2 billion and after the SOC Land and AG&P investments, still has investible funds and is debt-free.
Established in 1992 as South China Petroleum and Exploration Inc. as an oil and gas exploration concern, South China Resources is now a diversified holding corporation with investments in the oil and energy development; housing and real estate; banking and industry.
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| Food production in the Philippines. |
Edgardo P. Reyes, chairman of South China Resources, said in a report to stockholders during their annual meeting at the Manila Golf Club Thursday that the company is identifying large tracts of land suitable for agro-industrial complexes for food production.
"This endeavor is still very much in the early stages," Reyes said.
The company is diversifying into food production because "we believe in the thesis that rising incomes in the Asian region will drive greater protein consumption."
South China Resources is also actively pursuing projects in mining in the Philippines and in some Asean countries.
"We see this to be a new growth area with the opportunity to generate a new income stream," Reyes told stockholders.
Reyes also reported that the company hopes to bag the more prospective areas of the 15 petroleum areas that the Department of Energy is bidding out in the middle of the year.
The company continues to aggressively pursue oil and gas exploration activities and has acted as an operator and service contractor in 13 service contracts spanning several sedimentary basins in the country.
South China Resources participated in various exploration phases, the most recent one being last year’s drilling of the Silangan well with Shell Petroleum Exploration and KUFPEC in service contract-60 in northeast Palawan.
"We will continue our oil exploration. The challenges we experienced with the Silangan-1 well in service contract 60 have spurred us to more aggressively pursue oil exploration in the country," Reyes said.
He added that the SC 60 joint venture embarked in end-2010 on a leading-edge controlled source electro-magnetic (csem) survey over the area, prompting the company to look into the potential of other leads and prospects in the contract area.
South China Resources recently relinquished service contract 41 and service contract 71 as the prospectivity versus time and work commitments under the contract were no longer attractive.
Among the company’s more recent investments are in SOC Land Development Corp. and in Atlantic Gulf and Pacific Co. (AG&P).
Reyes said SOC Land was formed to take advantage of the opportunity in housing development.
South China Resources acquired a 2½-hectare property in a prime location in Muntinlupa to become the site of SOC Land’s first project, Anuva, a 2,000-unit, mid-priced, medium-rise housing development project.
The five-year Anuva project has a capital expenditure budget of P2 billion.
South China also invested in AG&P, which is set to expand services and acquire new contracts.
Reyes said over the last three years, investments have resulted in an income of over P1.2 billion and after the SOC Land and AG&P investments, still has investible funds and is debt-free.
Established in 1992 as South China Petroleum and Exploration Inc. as an oil and gas exploration concern, South China Resources is now a diversified holding corporation with investments in the oil and energy development; housing and real estate; banking and industry.
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