PXP Energy upbeat on BARMM petroleum drilling prospects

PXP Energy Corp., chaired by tycoon Manuel V. Pangilinan, is keeping its hopes up for the possible exploration of two petroleum blocks in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

- By BRIX LELIS

The listed firm and its joint venture (JV) partners earlier submitted bid documents for Pre-Determined Area BARMM Petroleum-2 and PDA-BP-3, both located in the Sulu Sea Basin.

"PXP is hopeful that its applications for both PDA-BP-2 and PDA-BP-3 will be awarded to the JV soon," it told the Philippine Stock Exchange yesterday.

The JV, which includes The Philodrill Corp., Sunda Energy Plc (UK) and Operator Triangle Energy (Global) Ltd. (Australia), was said to be the lone bidder for the two blocks. The applications "were found to be complete, thus qualifying them for further substantive legal, financial and technical evaluation," PXP said.