PXP told the Philippine Stock Exchange yesterday that the Department of Energy (DOE) authorized the surrender of Petroleum Service Contract (SC) 74 Linapacan, in which it has an operating interest of 70 percent.
Philodrill Corp. and PNOC Exploration Corp. (PNOC EC), respectively, own 25 percent and five percent of the consortium.
SC 74 is located in the shallow waters of the Northwest Palawan Basin and covers an area of around 4,240 square kilometers.
PXP, which informed the DOE of the consortium’s decision in December, said the latest development would “not have a material impact” on its financial statements this year.
This story is from the July 20, 2024 edition of The Philippine Star.
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This story is from the July 20, 2024 edition of The Philippine Star.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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