Phinma Petroleum and Geothermal Inc. has pulled out from two service contracts, namely SC 69 (Central Visayas) and SC 51 (East Visayas).
Phinma Petroleum said in its first-half income report it formally notified the Department of Energy of the decision to withdraw its 50 percent interest in SC 69 and 6.67 percent interest in SC 51.
The company said the SC 69 consortium decided to relinquish the block “in light of several oppositions to the project from various stakeholders and the recent issuances of local ordinances and resolutions for the protection, conservation and declaration of the Visayan Sea as a national protected area and marine reserve.”
Phinma Petroleum, meanwhile, said it would also no longer pursue its entitlement to Otto Energy’s participating interest in SC 51 under the deed of undertaking dated March 2, 2017.
The company, however, will continue its participation in the SC 6 Block A (Northwest Palawan). “‹