Basic Energy Corp. has partnered with a Malaysian-based oil firm to identify and explore oil wells.

In a disclosure to Philippine Stock Exchange, Basic Energy said it formed a joint venture with Petrosolve Sdn BHd for the identification, exploration, development, management and operation of oil wells.

The joint venture will allow both parties to contribute their respective network, expertise and experience in the field of oil and gas exploration, development and production.

Basic Energy and Petrosolve will form a joint venture company which will operate as the corporate vehicle for both firms to enter into business relationships and transactions with respect to the management and operation of oil wells.

However, Basic Energy did not specify the location of oil wells targeted for exploration and development.

Petrosolve is engaged in the business of oil field services including application of chemicals for increased oil production and the development of oil and gas fields and wells. It also holds the patent rights to a recent technology for enhanced oil recovery.

Basic Energy is a holding company with equity investments in an investment holding company, a real estate and information technology company, an oil exploration and investment holding company, a biofuels developer, an agricultural company, and an exploration and development company of geothermal energy resources. — BM, GMA News

Source: http://www.gmanetwork.com/news/story/294550/economy/companies/basic-energy-in-joint-venture-with-malaysian-firm-for-oil-exploration