Alcorn Petroleum and Minerals Corporation (APMC) is a wholly owned subsidiary of Cosco Capital, Inc. and was organized on July 5, 2013 to pursue exploration and development of Cosco’s interests in oil and mining business activities.
Among the company’s interests is Service Contract (SC) 14 in the waters of Palawan, which includes four operational blocks granted by the Department of Energy: Nido (Block A), North Matinloc (Block B1), West Linapacan (Block C) and the retention area (Block D). The company has participating interest in all except in Nido Block A.
In offshore Northwest Palawan, the company operates SC 6A – Octon Block and SC 6B – Bonita Block. SC 6A covers 165,000 hectares of relatively shallow waters while SC No. 6B only covers 53,293 hectares. Philodrill Corporation recently completed the resources assessment of the Octon field.
Along with the company’s partners – Phinma Petroleum and Geothermal, Inc. and PetroEnergy Resources Corporation, the company has decided to withdraw from onshore Service Contract 51 Northwest Leyte due to technical challenges. The company has advised the Department of Energy of Alcorn’s relinquishment of the area on July 4, 2018.
Over the years, Alcorn has generated positive and sustainable returns for the company. As Cosco continues to expand its business portfolio, its oil and minerals business segment remains an integral part of the growth strategy moving forward.