PXP Energy secures 3 new petroleum service contracts for exploration

PXP Energy Corp. is preparing for a lengthy and capital-intensive exploration period after securing three new petroleum service contracts, according to Chairman Manuel V. Pangilinan.

The company will invest millions of dollars in technical work for two Sulu Sea blocks (SC 80 and SC 81) and one in northwest Palawan (SC 86).

These contracts are part of eight new petroleum service contracts granted by the government in October, which project around $207 million in investment commitments.

PXP remains committed to diligent technical studies, prudent operations, and pursuing long-term prospects in the South China Sea, despite ongoing maritime disputes.

The company's strategic shift towards exploration occurs despite recent financial challenges, including a net loss of P16.1 million in the third quarter, impacted by lower crude prices and increased expenses.