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Published July 29, 2021, 1:54 PM
Pangilinan-led PXP Energy Corporation is now ready to advance on its drilling plan for two exploratory wells at its awarded oil and gas block at the Recto Bank, a petroleum basin under Service Contract (SC) 72 that is part of the diplomatically-strained territory in the West Philippine Sea.
PXP Energy Chairman Manuel V. Pangilinan indicated that the company “is ready to go in terms of (drilling) exploratory wells – two wells – and further surveys of the concession.”
PXP Energy Chairman Manuel V. Pangilinan
He nevertheless stated that there is no agreement sealed with China National Offshore Oil Corporation (CNOOC) or with the Chinese government yet on propounded joint exploration activity, therefore, that is a major geopolitical risk that has been flustering the energy firm when it comes to advancing its work program in that Northwest Palawan petroleum block.