With the moratorium on exploration activities in the West Philippines Sea, PXP Energy is focusing on its prospects in Peru.
“We look forward to a better half of 2020 with focused energy in the continuation and fulfilment of our work commitments in our operated and non-operated blocks in northwest Palawan and Cebu. We remain optimistic that the continued talks between the Philippines and China on the West Philippine Sea issue will eventually lead to an agreement that will allow us to resume exploration activities in our highly prospective Service Contracts (SC) 72 and 75 blocks,” said Daniel Carlos, PXP Energy president, at the virtual stockholders’ meeting yesterday
Carlos said the company is pursuing its oil and gas prospects in Peru with valuation results of marine well expected to be completed later this year paired with an acquisition of new seismic data next year.
He said petroleum forecasts still indicate that prices will continue to remain below $50 per barrel over the next several months.
Despite this, Carlos said PXP Energy will “aim to revitalize petroleum activities and to diversify the company asset portfolio through the acquisition of new areas” as they look forward to be granted with a new SC in the Sulu Sea.
