PXP Energy Corp. is seeking oil and gas exploration partners to secure the necessary financial resources for its newly-awarded, long-term and capital-intensive service contracts in the Philippines.
The Department of Energy (DOE) last month awarded PXP and its joint venture partners three service contracts (SCs): SC 80 and SC 81 in the Sulu Sea and SC 86 (Octon Block) in Northwest Palawan.
These contract signings expand PXP’s exploration portfolio, allowing it to enter a key frontier basin and strengthen its presence in a proven petroleum province.
PXP Energy chairman Manuel Pangilinan noted that developing the three oil and gas contracts would take several years. “It’s gonna be a long process and probably complicated. We’re slowly learning about the business of oil exploration and development. It’s a very complex business,” he said.
Pangilinan stressed the scale of the financial requirements. “Long term, it requires a lot of money. It’s really for the big boys. we’re too small for them. but we do our bit in terms of oil exploration,” he said.
