Listed upstream oil and gas company PXP Energy Corp. remains interested in exploration activities for new sources of energy in the country.
“PXP will assess and study other projects in the Philippines,” it disclosed to the Philippine Stocks Exchange on Thursday.
It said the company and its subsidiary, Forum Energy Ltd., would continue to coordinate with the government on the possible resumption of works in Service Contracts (SC) 72 and SC 75 while pursuing exploration activity in SC 40.
On Feb.26, the Department of Energy launched eight pre-determined areas (PDAs) for the exploration, development, and production of coal, petroleum, and natural hydrogen across the country.
PXP attended the launch, signifying its interest in the new offers for energy exploration.
The exploration activities are in line with President Ferdinand R. Marcos Jr.’s focus on expanding and harnessing indigenous resources as the country’s long-term strategy to achieve energy security.
As of end-2023, PXP’s consolidated petroleum revenues declined by 15 percent to PHP63.2 million from PHP74.1 million in 2022 due to lower output at 475,183 barrels and the falling average price of USD80.5 per barrel, compared to 479,955 barrels selling at an average price of USD94.5 per barrel in 2022. By Kris Crismundo
Article courtesy of the Philippine News Authority
