Manuel V. Pangilinan-led PXP Energy Corporation is seeking the government’s approval anew to continue its exploration activities in the West Philippine Sea.
“PXP and Forum will continue to coordinate with the Government on the resumption of activities in both SC 75 and SC 72,” the company said in a disclosure to the Philippine Stock Exchange (PSE).
Forum Energy is the corporate vehicle of PXP Energy for the planned exploration and production (E&P) ventures at SC 72, which covers the Recto Bank.
The two service contracts are located in the Palawan Basin, but the covered areas are within disputed territory with China.
While waiting for government approval, PXP Energy said that it “shall continue to pursue exploration work with respect to its other projects in the Philippines, including SC 40 in North Cebu and SC 74 in Northwest Palawan.
In related developments, PXP Energy reported a Php 22 million core net loss for 2022 from Php 32.5 million in 2021, following “improvements in Galoc operations and reduction in recurring overhead.”
Its consolidated revenues, meanwhile, jumped by 15% to Php 74.1 million versus Php 64.2 million in 2021 despite the lower crude oil offtake from the Galoc field.