MANILA, Philippines — Pangilinan-led upstream oil and gas firm PXP Energy Corp. is awaiting the awarding of service contracts (SCs) for three oil and gas prospects as it continues to explore new opportunities with promising potential.
During the company’s virtual stockholders’ meeting last Wednesday, PXP president Daniel Stephen Carlos said the company is “eagerly” awaiting the approval of three new SCs in Northwest Palawan, Sulu aSea and Recto Bank areas.
“These contract areas will play an important role in revitalizing our petroleum operations and diversifying our asset portfolio,” he said.
PXP and its unit Forum Energy Philippines Corp. are applying for a new SC covering the surrendered SC-6A in northwest Palawan and adjacent areas.
“Both PXP and Forum are participating in a new SC application that will cover the former SC-6A and addtional area to the east which was surrendered by the SC 74 consortium last year,” Carlos said.
“PXP and Forum will each have a participating interest of 6.84 percent in the new SC,” he said.
SC-6A was surrendered to the Department of Energy in March 2021 as the contract term is set to expire in February 2024.
The SC-6A joint venture partners consisted of Philodrill Corp. as the operator, Anglo Philippine Holdings Corp., Forum Energy Philippines Corp., PXP and Alcorn Petroleum and Minerals Corp.
“This has created a limited window of opportunity for us to drill an exploratory well and develop a field if a discovery is made,” Carlos said.
Meanwhile, PXP is also awaiting the awarding of the SC for a nominated area adjacent to SC 72 in Recto Bank and a pre-determined area in Sulu Sea.
“The first block is a nominated area adjacent to SC 72 and once awarded, our plan is to acquire new 2D seismic data complemented by marine gravity and magnetic data,” Carlos said.
“The second block is Area 7 in Sulu Sea which was offered by the DOE through a bidding round in 2019. Upon contract award, initial work will focus on the reprocessing of 3D seismic data,” he said.
Apart from these prospects, PXP Energy is continuously evaluating additional opportunities within the region “in line with our objective of expanding our presence in areas that show promising potential,” the company’s top official said.
PXP said the group would continue to pursue exploration work with respect to its other projects in the Philippines, including SC 40 and SC 74.
SC 74 is the Linapacan block in northwest Palawan, while SC 40 is the North Cebu block located in the Visayan Basin.