PXP Energy to bolster portfolio by exploring new oil, gas projects
CAPTION: PXP Energy is planning to utilize its knowledge and expertise in exploration to discover properties in line with the firm’s objectives.
TAGS: PXP Energy Corporation, oil, gas,
PXP Energy Corporation is strengthening its asset portfolio by exploring new oil and gas projects within the country for potential acquisition or farm-in agreements, despite the ongoing challenges in the industry.
In a report by Philippine Star, PXP chairman Manuel V. Pangilinan, and PXP president Daniel Stephen Carlos said that PXP intends to leverage its exploration and production experience to discover high-potential properties that correspond with its business objectives and provide prospects for value development.
In May, PXP signed a Php 1.56 billion agreement with Hong Kong firm Tidemark Holdings Ltd., a wholly owned unit of Atok-Big Wedge Co. Inc., to sell the latter’s 20% ownership in Forum Energy Ltd. (FEL).
Both Tidemark and PXP hold shares in FEL, which operates the Petroleum Service Contract (SC) 72 Recto Bank in the West Philippine Sea.
This key development streamlines PXP and Tidemark’s interests in FEL and its SCs and opens the door for future negotiations with potential partners once PXP is permitted to recommence its operations in SC 72 and SC 75.
SC 72 and SC 75 in Northwest Palawan are vital assets for PXP. However, due to escalating tensions in the contested waters, these areas remain under force majeure. This situation has disrupted PXP’s plans to evaluate the hydrocarbon potential, including the drilling of two wells in the Sampaguita Field within SC 72.
