The Philodrill Corporation was incorporated in 1969 as an oil exploration company with the name Philippine Overseas Drilling and Oil Development Corporation. The company is one of the pioneers in the Philippine oil exploration industry and remains one of the most active. Early in its long history, the company saw its successful participation in the drilling of several oil discoveries in the offshore Palawan area, the revenues from which fueled the company?s steady growth and profitably through the 70?s and the early 80?s. Towards the mid-1980's as the company's petroleum revenues started to taper off, a strategic decision was made to diversify out of purely petroleum operations into the emerging growth areas of the Philippine economy. This move was intended not only to accelerate the company's growth and bring greater profitability, but also to provide a prudent counterbalance to the relatively high-risk attendant to the oil exploration. The company consequently made investments in the property development, manufacturing, mining and financial services sectors, while retaining its active involvement in local oil exploration through its selective participation in various petroleum exploration consortia. While Philodrill remains a diversified company, it continues to focus on its core business which is petroleum exploration and production. Since 2004, Philodrill profitably operates three marginal fields located off Northwest Palawan and is also a partner in the Galoc Field which remains as the largest oil producing field in the Philippines. The company also has in its portfolio other exploration contracts that cover the more prospective areas of the country. To sustain profitability, the company also maintains investments in other companies engaged in mining, infrastructure and financial services.
Sector: Oil & Energy