The share price of PXP Energy Corporation at the Philippine Stock Exchange went up 125% in two consecutive trading days on the heels of President Rodrigo Duterte’s lifting of the oil exploration moratorium in the West Philippine Sea.
PXP’s stock price closed at Php11.58/share on Monday, up from Php7.72/sh on Friday following the announcement, and Php5.15 on Thursday just hours before the Department of Energy announced that explorations in the WPS may resume after a six-year hiatus.
Manny V. Pangilinan-led PXP Energy owns Forum Ltd., which operates Service Contract (SC) 72 in the Recto Bank. PXP also operates SC 75 (Northwest Palawan). Both SCs were among those given the go-signal to resume their activities.
SC 72 is the site of the Sampaguita Gas Field, which according to PXP, contains an estimated 2.6 trillion cubic feet of contingent gas resources. Drilling in the area began in the 1970s before Forum Ltd. took over explorations in the area in the 2000s.
The MVP Group is currently competing with Dennis Uy-led Udenna Corporation and Ramon Ang’s San Miguel Corporation to buy Shell’s 45% stake in the Malampaya gas-to-power project.