19 SEPTEMBER 1968
The company was incorporated on the Philippine Securities and Exchange Commission as Basic Enterprises, Inc.
1972
Basic Enterprises, Inc. changed its name to Basic Petroleum and Minerals, Inc. It was listed 1972 on the Philippine Stock Exchange under the stock symbol ‘BSC’.
1974
The company embarked on exploration and development of the Nido, Matinloc, West Linapacan, and Galoc Oil Fields in northwest Palawan in the Philippines.
2006
Basic Petroleum and Minerals, Inc. changed its name to Basic Energy Corporation (BEC) to pursue the production of biofuels and the development of renewable energy resources such as the geothermal exploration in Mabini, Batangas.
2013
BEC secured service contracts from the Department of Energy (DOE) for the exploration and development of geothermal resources in Mariveles, Bataan; Benguet, Mountain Province, Iriga, Camarines Sur and West Bulusan, Sorsogon; and for the development of four hydro-electric projects in Negros Occidental.
2015
The company signed a joint operating agreement with partner Phinma Energy (formerly Trans-Asia Oil and Energy Development Corp.) for the Mabini, Batangas geothermal power project, followed by drilling operations. In the same year, Meta Corporation, a publicly listed firm in Thailand with stakeholdings in renewable energy investments in Japan and Myanmar, infused capital in BEC.
2017
BEC invested in Solmax Taiwan for solar rooftop projects in Taiwan and in Innocent Biomass GK for a biomass power plant project in Saga Prefecture, Japan. It also obtained a 15% equity interest in Vintage EPC and VTE International, both Thailand based companies that provide EPC services for a 220-MW solar power plant project in Myanmar.
2019
The company secured a service contract from the DOE for the development of a wind power plant project in Mabini, Batangas.
2021
The company obtained SEC approval to double its capital to Php5 billion following the acquisition by MAP2000 Development Corporation (M2DC) of 67% of BEC’s outstanding and issued shares. BEC bought a 60% equity in Filoil Energy Corporation (FEC), the jointventure partner of Total Energies in local companies engaging in the supply, distribution, and marketing of petroleum products.
