Filipino and Malaysian company in oil exploration JV

Basic Energy Corporation and Malaysian firm Petrosolve Sdn Bhd intend to expand global operations.

The joint venture will involve the joint identification, exploration, development, management and operation of oil wells in the Philippines or overseas. Basic Energy said the JV will bring about a strategic alliance with Petrosolve.

Petrosolve is engaged in oil field services, including the application of chemicals for increased oil production and the development of oil and gas fields and wells. The company holds the patent rights to a new technology that enhances oil recovery.

“We partnered with Petrosolve to look for projects,” said Basic Energy president Oscar de Venecia. “We are still looking at potential projects here and overseas. We are still in the process of discussing and researching.”