These were among eight exploration deals recently signed by President Marcos to revive investment in the Philippines’ upstream oil and gas industry.
Management’s view
“The signing of SCs 80 and 81 in the Sulu Sea, along with SC 86 in Northwest Palawan, marks a significant step forward for both PXP and the Philippine energy sector,” said PXP chair Manuel V. Pangilinan.
“These new projects expand our exploration presence in the Sulu Sea, an area with a proven exploration history and promising untapped potential, and strengthen PXP’s presence in the highly prolific Northwest Palawan basin.”
Pangilinan said PXP remains committed to helping the government achieve energy independence through responsible resource development.
Key details
Service Contracts 80 and 81 are located in the Southwest Sulu Sea and jointly administered by the Department of Energy and the Bangsamoro Autonomous Region in Muslim Mindanao.
The joint venture includes Australia’s Triangle Energy and the UK’s Sunda Energy, each holding 37.5 percent, with PXP and Philodrill Corp. sharing 12.5 percent each.
The two Sulu Sea blocks cover more than 1.3 million hectares and include the Dabakan and Palendag gas discoveries, alongside the Halcon prospect, which earlier studies suggest holds significant potential reserves.
Meanwhile, Service Contract 86 in Northwest Palawan covers 132,000 hectares near the Galoc Field and includes PXP subsidiary Forum Energy. Work will focus on refining drilling plans for the Malajon and Octon prospects.
—Edited by Miguel R. Camus
