Listed oil exploration company Oriental Petroleum and Minerals Corp. (OPMC) has secured the approval of its stockholders to venture into the upstream and downstream natural gas projects of the government while also obtaining their nod for the extension of its corporate life by another 50 years.

OPMC, which is marking its 50th year in December next year, told the stock exchange on Tuesday, March 27, that it might also consider venturing into renewable energy (RE) projects “of all kinds,” being one of the active industry players in the upstream petroleum energy exploration and production.

“Also, to include venture in upstream and downstream natural gas projects of the government through Department of Energy (DoE),” the company said, adding that it has the legal, technical and financial qualifications to branch out into other energy sectors.

OPMC will be amending its articles of incorporation, specifically its secondary business purpose, to allow it to invest or engage in the business of power generation “in all its aspects.”

The amendment will also allow the company to invest or engage in the the exploration, development, utilization and commercialization of renewable energy resources, such as biomass, solar, wind, hydropower, geothermal and ocean energy resources. — Victor V. Saulon

RELATED ARTICLESMORE FROM AUTHOR