Oriental Petroleum and Minerals Corp. has secured the designation of a 505-hectare exploration area in Loreto, Dinagat Islands, as it expands its mineral exploration activities beyond its traditional petroleum business.
The Mines and Geosciences Bureau Regional Office XIII of the Department of Environment and Natural Resources formally designated the company’s Exploration Permit Application No. 000290-XIII, covering nickel and other associated metals.
The designation marks an initial step in the exploration process. Oriental Petroleum said it will make another disclosure to the Philippine Stock Exchange once the application is converted into an Exploration Permit.
The move gives the company an entry point into Dinagat Islands, one of the country’s established nickel-producing areas, although the designation itself does not yet authorize full-scale mining or establish the commercial viability of the mineral deposit.
Founded in 1969, Oriental Petroleum was incorporated to explore, develop and produce petroleum and mineral resources in the Philippines. Its operations have historically centered on petroleum service contracts with the government.
Its petroleum revenues and production are derived from Service Contract 14, which comprises the Nido, Matinloc, Galoc and West Linapacan blocks, as well as a retention area. Blocks A, B and D were relinquished to the Department of Energy in February 2021.
Oriental Petroleum also has three wholly owned subsidiaries, Oriental Mahogany Woodworks Inc., Linapacan Oil Gas and Power Corp. and Oriental Land Corp.
The Dinagat exploration application could give the company a new mineral exploration avenue at a time when nickel remains strategically important to the Philippines’ mining industry and export sector. However, the project remains at the exploration stage, with further technical work and regulatory approvals needed before its potential can be fully assessed.
