PXP Energy Corp. has secured participation in three of the eight newly signed Petroleum Service Contracts (SCs) under the Marcos administration, bolstering its position in the country’s upstream oil and gas exploration sector.
The listed oil exploration company said that it will take part in SC 80 and SC 81 in the Southwest Sulu Sea, as well as SC 86, also known as the Octon Block, in Northwest Palawan. All three contracts are administered by the Department of Energy and are part of the government’s push to revitalize the petroleum exploration industry and attract more foreign and local investment.
Forum Energy Philippines Corp., a subsidiary of PXP, is also a participating contractor in the awarded areas.
PXP Chairman Manuel V. Pangilinan said the new contracts mark a significant milestone for both the company and the broader energy sector.
“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,” Pangilinan said. “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.”
He underscored the company’s commitment to supporting the government’s goal of energy independence through the development of local energy resources. He said that by developing indigenous energy sources,” we aim to contribute meaningfully to the nation’s long-term energy security and sustainability.”
The latest service contracts reflect growing momentum in the country’s upstream sector, which the DOE hopes will help reduce reliance on imported fuel and ensure a more stable, affordable energy supply in the future.
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