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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- BusinessWorld