PNOC suspends oil stockpile project

Philippine National Oil Co. (PNOC), the government’s oil and gas arm, has put itsplanned strategic petroleum reserve (SPR) or oil stockpile on the backburner pending completion of its feasibility review.

PNOC said it decided to suspend the project as oil is a “sunset industry.”

“Oil is a sunset industry and considering this, the SPR and targeted fuel relief program (TFRP) shall be subjected to policy and financial viability review,” the company said.

The PNOC board decided to suspend the project due to the directive of the Department of Energy.

The previous DOE administration wanted to pursue the SPR and TFRP to secure the country’s fuel supply in case of supply disruptions but it was not able to conduct the bidding for a technical advisor for the project.

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