Pangilinan: Patience key for PXP Energy exploration

Patience will be paramount as Pangilinan-led PXP Energy Corp.embarks on upstream oil and gas exploration, a process expected to advance slowly and require substantial capital, the company’s chairman said.

- By GABRIELL CHRISTEL GALANG

Tycoon Manuel V. Pangilinan, who also chairs PXP, told reporters that the recently awarded service contracts (SCs), while still in the early exploration stage, would eventually necessitate substantial investment.

The initial funding for the granted exploration works is “very small,” the tycoon noted. “It’s around several million dollars,” he said, without specifying the peso equivalent or an exact figure.