Oil and gas exploration firm PXP Energy Corp. booked lower net loss in the first half of 2022 to P2.1 million compared to the previous P22.2 million mainly attributed to higher profit from Service Contract (SC) 14C-1 in the Galoc oil field in Palawan.
The company said reduction in general and administrative expenses also helped pare down its net loss. The company recorded 13 percent decline in consolidated costs and expenses to P47.3 million from the previous P54.4 million.
Consolidated petroleum revenues rose 130 percent to P45.1 million from last year’s P19.6 million, driven by the completion of two crude liftings totaling 291,216 barrels at an average price of $97.13 per barrel.
In a disclosure to the Philippine Stock Exchange yesterday, the company added it continues to coordinate with the government on the resumption of activities in both SC 75 and SC 72.
“There is still a standing moratorium with respect to any activity in the West Philippine Sea.
This has been issued to us, to the operators with concessions in the area so nothing has been done since April this year,” said Manuel Pangilinan, PXP Energy chairman, at Meralco’s first half results briefing on Monday.
PXP holds a 50 percent interest in SC 75 located in Northwest Palawan while Forum Energy Ltd. where PXP holds a direct and indirect interest of 79.13 percent, has a 70 percent participating interest in SC 72 also located in Northwest Palawan. Both areas are currently inaccessible due to the continuing territorial disputes with China.
PXP said it will continue to pursue exploration work with respect to its other projects in the Philippines, including SC 40 in Northern Cebu and SC 74 also located in Northwest Palawan. – Jed Macapagal
