PXP Energy sets sights on SC40, SC74 amid WPS exploration suspension

PXP SC40

PXP Energy Corporation will be pursuing its other exploration projects amid the suspension being imposed by the government in the West Philippine Sea (WPS). 

“The Group shall continue to pursue exploration work with respect to its other projects in the Philippines, including Service Contract (SC) 40 and SC74,” PXP Energy said on Thursday.

SC40 or the North Cebu Block, is located in the Visayas Basin in the northern part of the province and the adjacent offshore areas in the Central Tanon Strait and Visayan Sea. 

Meanwhile, SC74 is an exploration site located off the coast of northwestern Palawan,  PXP Energy from Pitkin Petroleum Limited in February 2016. 

PXP Energy said it would re-focus its efforts after the Department of Energy (DOE), acting on the advice of the Cabinet’s Security, Justice, and Peace Coordinating Cluster (SJPCC), ordered it to halt exploration activities in its SC72 and SC75 blocks, which are well within the WPS.

The DOE has asked for the resumption of the exploration activities, but Defense Sec. and SJPCC chairman Delfin Lorenzana said that Pres. Rodrigo Duterte himself would leave the decision to the next administration. 

In other developments, PXP Energy trimmed its core net loss to Php1.4 million in the first quarter from Php5.6 million in the same period last year. Nonetheless, it recorded Php18.8 million in consolidated petroleum revenues in the first quarter of 2022 after completing 144,897 barrels at $78.10 apiece in its SC 14C-1 in the Galoc Oil Field off northwestern Palawan.

Photo from PXP Energy website.