PXP Energy Corporation chairman Manuel V. Pangilinan is hoping for the approval for petroleum exploration in the West Philippine Sea, specifically in Recto Bank, which is believed to have the potential to rival the Malampaya gas field.
In a report by Manila Bulletin, Pangilinan said he is looking forward to PXP Energy’s chances of resuming operations in Service Contract 72, which encompasses Recto Bank.
In 2022, PXP Energy had initiated seismic activities in Service Contracts 72 and 75 in the Palawan basin but was halted following protests from China and a subsequent request from the Department of Energy (DOE), based on an order from Malacañang.
After the exploration plan was stopped, the DOE declared a “force majeure” for both petroleum blocks, a status that has yet to be lifted.
The Marcos administration has promised to address investment issues in the upstream petroleum industry, but a resolution to the ongoing stalemate has yet to materialize.
PXP Energy executives indicated they will follow the government’s lead regarding future exploration plans in Recto Bank.
Recto Bank is seen to hold significant gas reserves, but this must be confirmed through further seismic surveys and well-drilling activities to assess its production potential.
In addition to its West Philippine Sea ventures, PXP Energy has also submitted proposals for petroleum exploration in the Sulu Sea basin within the Bangsamoro Autonomous Region in Muslim Mindanao.
Pangilinan expressed optimism that these new projects could lead to commercial-scale discoveries that would contribute to the country’s energy security and independence.
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