BusinessWorld
May 26, 2021 | 12:05 am
The block is situated in the Tumbes Basin offshore Northwest Peru.
In its disclosure, Manuel V. Pangilinan-led PXP said that Karoon Energyâs unit KEI Sucursal del Peru, the operator of the block, was supposed to drill a second well during the third exploration phase, as stated in its contract.
If the well is not drilled during this time, KEI must continue drilling activities until the fourth period of the exploration phase.
KEI is also required to pay Pitkinâs participating interest of 25% in all expenses incurred until the second well is completed.
âKEI is in breach of its obligations to Pitkin by not entering into the [fourth exploration phase],â PXP said.
BusinessWorld
May 21, 2021 | 8:25 pm
NLEX Harbor Link, Segment 10 PHOTO BY WALTER BOLLOZOS/THE PHILIPPINE STAR
Motorists may experience delays as NLEX Corp. has started repairs on Meycauayan and Bigaa bridges in Bulacan province, both built in the 1960s, the company’s top official said on Thursday.
In an e-mailed statement, the tollway company said the bridge rehabilitation projects seek to provide safer travel.
“We always look after the safety and convenience of our motorists. Both bridges were built in the 1960s and it is high time that we replace the girders and slabs to strengthen the structures,” NLEX Corp. President and General Manager J. Luigi L. Bautista said.
Maynilad inks revised concession deal with gov t, onerous provisions removed
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Metro Manila (CNN Philippines, May 19) Maynilad has already signed a revised concession agreement with the Metropolitan Waterworks and Sewerage System, its principal shareholders confirmed on Wednesday.
In separate disclosures published in the local bourse, DMCI Holdings and Metro Pacific Investments confirmed the West Zone concessionaire inked the revised deal on May 18.
Justice Secretary Menardo Guevarra said on Tuesday that the agreement features “essentially the same terms” as the ones found in the deal signed by the MWSS and East Zone concessionaire Manila Water.
Among the provisions of the revised deal is the confirmation of the concession period’s continuation until end-July 2037, the imposition of a tariff freeze until end-December next year, and the removal of the foreign currency differential adjustment.
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