PXP Energy Corp Seeks Further Energy Exploration Opportunities in the Philippines

MANILA – PXP Energy Corp, a key player in the upstream oil and gas sector, has expressed its ongoing interest in pursuing new energy exploration projects within the Philippines. As disclosed to the Philippine Stock Exchange, the company is evaluating various initiatives and coordinating with the government regarding the potential continuation of operations in Service Contracts 72 and 75, as well as pursuing activities in SC 40.

According to Philippines News Agency, This development coincides with the Department of Energy’s recent introduction of eight pre-determined areas for coal, petroleum, and natural hydrogen exploration and development. PXP’s engagement in these new exploration opportunities aligns with President Ferdinand R. Marcos Jr.’s strategy to enhance energy security by leveraging indigenous resources. Despite a 15% decline in consolidated petroleum revenues in 2023, PXP remains committed to its exploration endeavors in the Philippines.