Basic Energy Pays Tribute to Founder and Former House Speaker Jose de Venecia Jr.
Basic Energy Corporation honored the life and legacy of its founder and first Chairman, Jose de Venecia Jr., who passed away on February 10, 2026, at the age of 89.
In a statement issued by its Board of Directors, management, and staff, the company reflected on the enduring impact of the five-time Speaker of the House of Representatives, describing him not only as a national statesman but also as the visionary who laid the foundation for one of the country’s pioneering energy firms.
De Venecia co-founded Basic Enterprises Incorporated on September 19, 1968, alongside his late brother, Oscar C. de Venecia. As founding Chairman, he steered the company during a transformative period in Philippine industry, driven by a firm belief that the country could harness its own natural resources to advance national development.
Under his leadership in the 1970s, the company secured the largest offshore exploration acreage in the Philippines and achieved a historic milestone with the discovery of the Nido 1 well in Palawan — recognized as the country’s first commercial oil discovery. The achievement marked a defining moment for the domestic energy sector and underscored his commitment to energy self-sufficiency.
De Venecia also expanded the company’s footprint beyond Philippine shores. He led drilling operations in Ajman in the Middle East, making Basic the first Philippine and ASEAN-based company to establish such operations in the region. The move demonstrated that a Filipino enterprise could compete and succeed in the global energy arena.
While Basic Energy has since evolved under new ownership and strategic direction, the company emphasized that its core mission remains rooted in the entrepreneurial vision first articulated by the de Venecia brothers nearly six decades ago. Even as he rose to prominence on the global political stage, De Venecia continued to serve as Chairman of the company’s Advisory Board, offering guidance through various phases of growth and transformation.
The company expressed gratitude for his leadership, optimism, and steadfast commitment to excellence, noting that his pioneering spirit continues to inspire its long-term direction.
Basic Energy also extended condolences to his wife, Representative Gina de Venecia, and the entire de Venecia family, honoring a legacy that shaped both a national institution and a key chapter in the country’s energy history.