PXP Energy Corp. has secured government approval to continue operations in the Galoc oil field in Northwest Palawan after receiving the executed Petroleum Service Contract (SC) 88 from the Department of Energy (DOE).
In a disclosure to the Philippine Stock Exchange, PXP said SC 88 replaces the expired SC 14C-1, which ended on December 17, 2025. The new contract was signed on December 18, 2025 between the Philippine government and a consortium led by NPG Pty. Ltd., with Philodrill Corp. and PXP subsidiary Forum Energy Philippines Corp. as partners.
SC 88 covers about 83,450 hectares offshore Northwest Palawan and allows the consortium to continue petroleum operations and recover remaining oil reserves in the Galoc field. PXP said Galoc is already a mature and declining field, but the new contract provides a framework to extend operations and maximize remaining value, subject to technical and commercial conditions.
The company said it will make further disclosures if there are any material developments related to the contract.
PXP also holds interests in other service contracts in Northwest Palawan, including SC 75 and SC 72, but these areas remain inaccessible due to ongoing territorial disputes with China.
Separately, PXP said it recently secured three new petroleum service contracts—SCs 80 and 81 in the Sulu Sea, and SC 86, also known as the Octon Block, in Northwest Palawan. The company is preparing to carry out technical work programs required under these newly awarded contracts.
