PXP Energy Corporation is highly optimistic it would secure two service contracts (SCs) in the Sulu Sea and the Recto Bank in the West Philippine Sea (WPS) in a bid to revive petroleum activities and expand its portfolio.
During the virtual annual stockholders’ meeting on Friday, PXP Energy President Stephen Carlos said that that company aims to revitalize petroleum activities and to diversify the company’s asset portfolio through the acquisition of new prospective areas.
PXP Energy has applied for SCs covering 40% of Petroleum Predetermined Area 7 in the Sulu Sea, which is close to the Philippines’ maritime boundary with Sabah, Malaysia. It also applied for 100% of Block A in the Recto Bank.
The Manny V. Pangilinan-led firm controls SC72 — also in the Recto Bank, as well as SCs 6A, 74, and 75 — all located off the coast of northwestern Palawan.
Carlos said that once a new SC is awarded, their immediate plan is to reprocess at least 1,600 square meters of 3D seismic data. He added that their application for the two SCs are still for the Department of Energy’s (DOE) legal, technical, and financial review.
In 2019, the firm participated in a bidding round of the DOE over a prospective block in the Sandakan basin in the Sulu Sea.
Carlos also said the company looks forward to a better second half of the year with focused energy in the continuation and fulfillment of their work commitments, especially with the resumption of its offshore exploration activities in SCs 72 and 75 following the lifting of the WPS exploration ban.
