RE: 2024 Philippine Bid Round13 Jan 2025 17:49
Senior Partner in JV PXP Energy view.....
MANILA, Philippines — 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).
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,”
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.
Aside from BARMM exploration, PXP is also optimistic about the prospects of service contracts in other blocks across the country, including those in the West Philippine Sea (WPS). PXP operates Service Contract 72 Recto Bank, indirectly through Forum Energy Ltd. (FEL), and directly holds SC 75 northwest Palawan.
Aside from BARMM exploration, PXP is also optimistic about the prospects of service contracts in other blocks across the country, including those in the West Philippine Sea (WPS).
PXP operates Service Contract 72 Recto Bank, indirectly through Forum Energy Ltd. (FEL), and directly holds SC 75 northwest Palawan.
Exploration activities in both areas remain suspended due to geopolitical tensions in the disputed waters. Both PXP and FEL remain committed in both SC 72 and SC 75 despite the extended force majeure on both blocks. On the other hand, feasibility studies on SC 40’s Dalingding-2 prospect are currently ongoing.
Notwithstanding this, the company said it would continue to “assess and study other oil and gas projects within the Philippines.”
That end bit, could be scope for further collaboration with PXP on other Philipines assets down the line....... 🤔