PXP Energy Corp., a listed upstream oil and gas company, said Wednesday it will pursue the development of natural gas prospects around Cebu as well as assess other oil and gas projects within the country as territorial dispute in the West Philippine Sea prevents it from pursuing exploration and drilling activities in the area.
The company, however, continues to talk to the government for any possible arrangement for activities in Service Contracts 72 in Recto Bank and Service Contract 75, both located in offshore Palawan in the West Philippine Sea.
Meantime, PXP reported a net loss of P2.6 million in the first quarter due to higher volume of crude oil sold from the operation of Galoc oil field, lower recurring overhead, and increased interest income.
Consolidated petroleum revenue improved by 47 percent to P26.3 million due to an increase in crude oil output. Galoc output sold increased 45 percent to 196,826 barrels, making up for the USD1.41 per barrel decline in the average crude oil price to USD79.95 a barrel.
Consolidated costs and expenses rose to P27.1 million from P22.4 million as petroleum production costs increased.
