PXP Energy Corp. said Wednesday it will focus efforts on other oil and gas prospects following the suspension of Service Contract 72 (Recto Bank) and SC 75 in the West Philippine Sea.
PXP president Daniel Stephen Carlos said during the company’s annual stockholders’ meeting the company has two pending service contract applications with the Department of Energy.
“We aim to enhance the company’s value through the acquisition of new prospective areas, and we’ll likewise remain open to evaluate the other opportunities in the region,” Carlos said.
The first pending block is a nominated area adjacent to SC 72 (Block A North Recto Bank). “Once awarded, the company plans to acquire 2D seismic data along with marine gravity and magnetic data,” Carlos said.
He said the second block is Area 7 in the Sandakan basin in Sulu Sea. PXP will reprocess the 3D seismic data upon the award of the contract for Area 7.