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PXP-led consortium surrenders Linapacan block contract
The Philippine Star
|July 20, 2024
The consortium led by tycoon Manuel V. Pangilinan’s PXP Energy Corp. has handed back a petroleum service contract in Palawan to the government after failing to identify any drillable prospects in the area.
PXP told the Philippine Stock Exchange yesterday that the Department of Energy (DOE) authorized the surrender of Petroleum Service Contract (SC) 74 Linapacan, in which it has an operating interest of 70 percent.
Philodrill Corp. and PNOC Exploration Corp. (PNOC EC), respectively, own 25 percent and five percent of the consortium.
SC 74 is located in the shallow waters of the Northwest Palawan Basin and covers an area of around 4,240 square kilometers.
PXP, which informed the DOE of the consortium’s decision in December, said the latest development would “not have a material impact” on its financial statements this year.
Diese Geschichte stammt aus der July 20, 2024-Ausgabe von The Philippine Star.
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