PXP Energy Corp. submitted a bid for the exploration and development of petroleum exploration blocks in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).
Sources said PXP Energy teamed up with Triangle Energy, Sunda Energy and The Philodrill Corp. for predetermined areas (PDA) BP-2 and PDA-BP-3 which are both situated in the Sulu Sea Basin covering 780,000 hectares and 532,083 hectares, respectively.
PXP Energy is one of the nine companies comprising six international and three local exploration firms that submitted applications for petroleum service contracts under the 1st BARMM Conventional Energy Bid Round and the 2024 Philippine Bid Round of the Department of Energy.
PXP Energy president Daniel Stephen Carlos said in July 2024 during the annual stockholders’ meeting that the company was evaluating some of the areas offered by the DOE for possible acquisition or farm-in arrangements.
“We also remain open to assessing additional opportunities to expand our presence in areas showing promising potential, including those already covered by existing service contracts,” Carlos said.
He said PXP Energy is also committed to advancing exploration efforts in service contract No. 72 in the Recto Bank, which is the site of the Sampaguita gas field and operated by subsidiary, Forum (GSEC 101) Limited.
“The force majeure that is currently imposed on the block due to geopolitical reasons has been hindering our plans to appraise the field. Our 2-well program, which we will implement once the force majeure is lifted, aims to confirm whether we have a commercial-size gas discovery in Sampaguita,” Carlos said.
He said the company plans to acquire a 3D seismic survey over the most promising leads in SC 75, which is also under force majeure.
SC 75 shares the same geological history and petroleum system as the producing oil and gas fields within the Northwest Palawan Basin.
Carlos said the company continues to engage with the DOE to find the most effective path forward in establishing the commercial viability of hydrocarbon resources within the SC 75 and SC 72 blocks.
“While waiting for activities to resume over these two blocks, PXP has shifted its attention to its other service contracts in Cebu and Palawan,” he said.
Carlos said PXP Energy looks forward to a better second half of 2024, with focused energy on continuing and fulfilling its work commitments in the operated and non-operated blocks, especially with the planned drilling of Cadlao-4 to start the redevelopment of the Cadlao field.
Be the first to comment