Pangilinan-led PXP Energy Corporation has acquired participating interests in three newly awarded petroleum service contracts, expanding its upstream exploration footprint in the Sulu Sea and Northwest Palawan.

In its SEC disclosure today, PXP identified SC 80 and SC 81 covering areas in the Southwest Sulu Sea; and SC 86, known as the Octon Block,in the Malajon area northwest of Palawan. The contracts were among eight petroleum service contracts recently signed by President Ferdinand Marcos Jr. and administered by the Department of Energy (DOE).

Under the joint venture for SCs 80 and 81, Triangle Energy (Global) Ltd. will serve as operator with a 37.5% interest. Sunda Energy Plc holds 37.5%, while PXP Energy and The Philodrill Corporation each hold 12.5%.

SC 80 spans about 780,000 hectares, including the Dabakan and Palendag gas discoveries, with estimated contingent resources of 470 billion cubic feet (BCF) of gas and 5.4 million barrels of condensate. It also includes the Halcon prospect, identified as having potential for multi-trillion cubic feet (TCF) of gas.

SC 81 covers roughly 532,000 hectares, where prior drilling recorded oil and gas shows, confirming the presence of an active petroleum system.

For SC 86, the Octon Block, Philodrill will operate with a 72.1662% interest. Anglo Philippine Holdings Corporation holds 14.146%, while PXP and its subsidiary Forum Energy Philippines jointly hold 13.6878%. The block covers about 132,000 hectares adjacent to the producing Galoc Field.

“The signing of SCs 80 and 81 in the Sulu Sea, along with SC 86 in Northwest Palawan, marks a significant step forward for both PXP and the Philippine energy sector. These new projects expand our exploration presence in the Sulu Sea, an area with a proven exploration history and promising untapped potential, and strengthen PXP’s presence in the highly prolific Northwest Palawan basin,” PXP chairman Manuel V. Pangilinan said.

“We remain fully committed to supporting the Philippine Government’s goal of achieving energy self-sufficiency through the responsible development of the country’s indigenous resources. In close coordination with the DOE, BARMM, and our industry partners, we aim to contribute meaningfully to the nation’s long-term energy security and sustainability,” he added.

The initial work programs for the new contracts will include technical studies and prospect evaluation to prepare the sites for potential drilling.

What’s your view on these new offshore blocks — can they help strengthen the Philippines’ long-term gas supply and exploration activity? Join the discussion.

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