Oil and gas exploration firm PXP Energy Corp. booked a lower net loss for the first nine months of 2022 at P14.7 million compared with the previous P20.2 million mainly attributed to higher profit from Service Contract (SC) 14C-1 in the Galoc oil field in Palawan.
The company recorded a 31.6 percent decline in consolidated costs and expenses at P65.6 million for the period from the previous P96 million.
PXP posted a 15.7 percent increase in consolidated petroleum revenues for the period at P49.3 million from last year’s P42.6 million, due to higher average crude price at $97.13 per barrel from $66.97 per barrel.
In a disclosure to the Philippine Stock Exchange yesterday, the company said it continues to coordinate with the government on the resumption of activities in both SC 75 and SC 72 as the government earlier granted force majeure status on the two areas from April 6 this year until it is lifted by the Department of Energy.
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.
However, 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
