Shana -- Managing Director of the Philippine National Oil Company Pedro A. Aquino has said Iran is the land of opportunities, voicing his company's keenness to join petroleum projects in Iran.

Speaking in Tehran, the Philippine official said his company seeks investments in oil-rich regions in west Asia, saying Iranian petroleum experts are at a top level of expertise who could manage the industry without the help of international oil companies under the sanctions.
Philippines was one of Iran's oil customers in the past and is now holding talks for restoring purchases from the OPEC-member oil producer, he said.

Philippine National Oil Company is one of the 11 companies in Pergas consortium which have signed a non-disclosure agreement (NDA) with the National Iranian South Oil Company for carrying out studies over two oilfields in Iran.