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PXP Energy eyes investments in producing oil fields as Galoc contract nears expiry
Business World Philippines
|October 31, 2025
PANGILINAN-LED PXP Energy Corp. said it is exploring investments in new or near-ready producing oil fields that can generate earlier cash flow, as the term of the service contract (SC) governing its only producing oil field approaches expiration.
"With Galoc production approaching the end of field life, the company is also exploring opportunities to reinvest in producing or near-term development fields that could generate earlier cash flow, all while maintaining a clear focus on its upstream business," PXP said in a regulatory filing on Thursday.
The SC covering the Galoc Oil Field in northwest Palawan, which has produced about 25 million barrels of oil since 2008, is set to expire on Dec. 17.
PXP noted that the field remains commercially viable despite natural production decline and can continue operations beyond the contract's term.
The company said it is also ensuring sufficient financial flexibility as it advances early-stage petroleum exploration in the southwestern Sulu Sea.
This story is from the October 31, 2025 edition of Business World Philippines.
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