PXP Energy Corporation (PXP) has acquired UK-registered upstream oil and gas company Pitkin Petroleum Ltd, which has operations in Peru.

“PXP Energy wishes to announce that, as part of its continued efforts on streamlining the corporate structure of subsidiaries involved in overseas oil and gas exploration projects, it has completed the acquisition of all remaining 46.57 percent interest in Pitkin Petroleum Ltd.,” the company said in a disclosure to the Philippine Stock Exchange (PSE) on Monday. 

The transaction was done through a share repurchase agreement for the remaining minority interest in PitKin Petroleum worth $3.5 million. 

Following the acquisition, Pitkin is now a wholly-owned subsidiary of PXP. 

Pitkin has a 25% participating interest in Peru Block Z-38 through its subsidiary Pitkin Petroleum Z-38 SRL. The block is located in the Tumbes Basin, which is adjacent to the Talara Basin that has produced 1.7 billion barrels of oil equivalent since 1880. 

Meanwhile, PXP holds a 50% interest in service contract (SC) 75 in Northwest Palawan, and a total economic interest of 54.3% in SC 72.