PXP Energy hopes to clinch service contracts in Sulu Sea, Recto Bank

PXP Energy Corp. is looking forward to securing service contracts for two areas in the Sulu Sea and Recto Bank as it hopes to revive petroleum activities and expand its portfolio, a top company official said on Friday.

“With the aim to revitalize petroleum activities and to diversify the company’s asset portfolio, through the acquisition of new prospective areas, we look forward to being granted two new service contracts in the Sulu Sea and Recto Bank areas,” PXP Energy President Daniel Stephen P. Carlos said during the company’s annual stockholders meeting held virtually on Friday.

The firm has applied for service contracts covering 40% of “Area 7” in Sulu Sea, and 100% of “Block A” in Recto Bank.

PXP Energy’s existing portfolio includes the SC 74, SC 75 and SC 6A, all located in Northwest Palawan.

Despite uncertainties brought about the pandemic, Mr. Carlos said the firm is seeing a slow but steady recovery in oil prices.

“We look forward to a better second half of 2021 (as we) focus on the continuation and fulfillment of our work commitments in our operating and non-operating blocks, especially with the resumption of our offshore exploration activities in service contract 72 and 75,” he said.

The Energy department previously allowed PXP Energy and its subsidiary Forum Energy Ltd. to resume work in the SC 75 and SC 72 blocks, respectively, after lifting the force majeure status in both areas.

Shares of PXP Energy in the local bourse inched up by 3% or 23 centavos to finish at P7.93 apiece on Friday.

PXP Energy is a unit of Philex Mining Corp., which in turn is one of the Philippine units of Hong Kong-based First Pacific Co. Ltd, the others being Metro Pacific Investments Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls. — Angelica Y. Yang

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