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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 successfully participated in the drilling of several oil
discoveries in the offshore Palawan area, the revenues from which fueled the company's
steady growth and profitability 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 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 the various consortia whose exploration contract areas cover the more
prospective areas of the country.
Philodrill has remained as a diversified
concern up to the present. While the company's core business is still petroleum
exploration/production, it continues to maintain investments in other companies engaged in
property/resort development, mining, infrastructure and financial services. Since the
company made its strategic transition in 1985, its non-oil investments have provided the
revenues which more than made up for the slack in petroleum earnings. However, management
is confident that the company's various petroleum interests situated in areas identified
as having good prospectivity for successful exploration and development could generate
substantial revenues for the company in the near future.
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