PXP Energy Corp. is looking at other oil and gas areas offered under the Philippine Conventional Energy Contracting Program.
“Of course, we’re looking,” PXP Energy chairman Manuel Pangilinan said if the company was interested in other areas under the PCECP which are near the Recto Bank.
“If there’s a deadline, then we will comply with government requirement,” Pangilinan said.
PXP Energy, through Forum Energy Ltd., controls Service Contract 72 (Recto Bank) and SC 75 (Northwest Palawan) which are under exploration moratorium amid the territorial dispute with China.
SC 72, which covers an 8,800-square-kilometer area west off Palawan, is estimated to contain bigger oil/gas reserves than the Malampaya gas project.
The PCECP drew 21 expressions of interest, according to the Department of Energy. “We have 14 pre-determined areas under PCECP. Thirteen have applied for the pre-determined areas and eight nominated for a potential area so actually, PCECP is a hybrid of PECR [Philippine Energy Contracting Round] and application by nomination,” Energy Undersecretary Donato Marcos said earlier.