PXP on lookout for new oil, gas finds

MANILA, Philippines —  Pangilinan-led PXP Energy Corp. continues to be on the lookout for new investment opportunities in the country’s upstream sector despite persistent challenges.

PXP, which holds petroleum service contracts (SCs) in the West Philippine Sea, told the Philippine Stock Exchange yesterday that it remains open to pursuing other oil and gas assets across the country.

The company said it is currently exploring the feasibility of the Dalingding prospect under SC 40, located onshore in northern Cebu.

“At the same time, PXP and its joint venture partners are anticipating the forthcoming awarding of PDA-BP-2 and PDA-BP-3, both located offshore in the southwestern portion of the Sulu Sea basin,” it said.

PXP was referring to the two petroleum blocks in the Bangsamoro Autonomous Region in Muslim Mindanao.

The listed firm, along with partners The Philodrill Corp., Sunda Energy Plc (UK) and Operator Triangle Energy (Global) Ltd. (Australia), earlier submitted bid documents for predetermined areas in the Sulu Sea basin.

PXP operates SC 72 Recto Bank indirectly through Forum Energy Ltd. (FEL) and directly holds SC 75 northwest Palawan. But exploration activities in both areas remain suspended due to geopolitical tensions in the disputed waters.

“Despite the extended force majeure over SCs 72 and 75, PXP and FEL continue to demonstrate a strong commitment to resuming exploration activities in both blocks,” PXP said.

In the first three months of 2025, PXP saw its core net loss grow to P9.2 million from P2.6 million due to lower volume lifted from Galoc operations, declining crude oil prices and higher overhead costs.

Attributable net loss likewise widened to P9.4 million in the first quarter from the same period last year’s P2.6 million.

Last month, PXP completed a P1.56-billion share swap with Hong Kong’s Tidemark Holdings Ltd., hiking its stake in FEL.

The deal involves PXP issuing about 430.24 million common shares to Tidemark in exchange for around 24.13 million shares held by the Hong Kong firm in FEL.

After the share swap, PXP’s effective interest in FEL increased to 97.88 percent from 77.88 percent, with its stake in SC 72 also rising to 68.5 percent from 54.5 percent.