LOCAL fuel exploration firm SK Liguasan Oil and Gas Corp. (SKLOGC) signed a memorandum of understanding (MOU) with Malaysian firm Blackbrique Investment Ltd.

The parties said in a statement yesterday the agreement aims to “establish a framework for collaboration on key projects in the upstream and downstream energy industries promoting innovation, sustainability and mutual growth.”

Under the MOU, Blackbrique will be responsible in raisinf funds and in bringinf international engineering, procurement, construction and commissioning contractors to develop the oil and gas fields awarded to SKLOGC in Mindanao.

However, the parties did not disclose the target amount to be raised by the partnership.

SKLOGC has secured a bid to develop 72,000 hectares of land in Mindanao. The company aspires to extract oil and gas deposits in the provinces of Sultan Kudarat, Maguindanao and Liguasan Marsh.

In 2022, the Department of Energy awarded the Service Contract 77 to SKLOGC which was able to identify 22 sites within the area to have the potential for oil and gas deposits.