PXP Energy stands by to resume drilling of Recto Bank oil block
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PXP Energy Corp. has set its eyes on exploring an oil block within the disputed West Philippine Sea that is estimated to bear as much as 3 trillion cubic feet of gas resources. Led by businessman Manuel V. Pangilinan, the listed gas and oil firm operates the area through Forum (GSEC 101) Ltd., a unit of Forum Energy Ltd., which in turn is one of its subsidiaries. The block is located within the Department of Energy’s (DoE) Service Contract (SC) 37 in Recto Bank. Exploration activities in the area are currently suspended upon declaration of a force majeure.
Ang, A. J. (2020, July 16). PXP Energy stands by to resume drilling of Recto Bank oil block. BusinessWorld, p. S1/3.
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Domingo, Ronnel W. (Philippine Daily Inquirer,
July 14, 2017, on page A10)The Department of Energy (DOE) is ready to resume drilling for oil and natural gas on Recto Bank in the West Philippine Sea, but when work will restart is up to the Department of Foreign Affairs (DFA), which suspended the ...
Flores, Alena Mae S. (Manila Standard,
January 4, 2019, on page B1)The Energy Department officially recommended to the Department of Foreign Affairs the lifting of the moratorium on oil and gas exploration in the West Philippine Sea amid the enhanced relations between China and the ...
Atienza, Kyle Aristophere T. (BusinessWorld,
April 21, 2022, on page S1/1-S1/8)Economic and maritime experts on Wednesday warned that the government’s decision to halt oil exploration activities in parts of the South China Sea claimed by the Philippines would push firms to rethink their investments ...