October 31, 2025 | 12:00am
MANILA, Philippines — Momentum is building for tycoon Manuel V. Pangilinan’s PXP Energy Corp. as it seeks to secure two more petroleum service contracts (SCs) from the government.
Fresh off winning three government petroleum deals, PXP is now setting its sights on bagging new exploration contracts in the resource-rich northwest Palawan basin “within the next few months.”
The additional two contracts are currently under final review by the government, the company said in a stock exchange filing yesterday.
This comes after President Marcos awarded SCs 80 and 81 to PXP and its partners, The Philodrill Corp., Australia’s Triangle Energy (Global) Ltd. and the United Kingdom’s Sunda Energy Plc.
SC 80 spans 780,000 hectares, while SC 81 covers 532,083 hectares and contains several wells with recorded oil and gas shows.
Similarly, a PXP-backed consortium also bagged SC 86 to explore 132,000 hectares in the Malajon area of northwest Palawan. The consortium includes Philodrill, Anglo Philippine Holdings Corp. and Forum Energy Philippines Corp.
“These new contracts reinforce PXP’s strategic upstream position and align with the Philippine government’s efforts to boost domestic energy self-sufficiency,” PXP said.
The listed upstream oil and gas firm was said to have maintained prudent operations across its portfolio while gearing up to take part in government-committed technical work programs under the newly awarded blocks.
PXP said it continues to prioritize liquidity and operational readiness while advancing early-phase technical assessments for SC 80 and 81. It is also progressing subsurface work and studies initiated by the previous consortium in SC 86.
Aside from these contracts, PXP also operates SC 72 Recto Bank indirectly through Forum Energy Ltd. (FEL) and directly holds SC 75 northwest Palawan.
Exploration activities in both areas, however, remain suspended due to geopolitical tensions in the West Philippine Sea.