PXP Energy Corp. is seeking investors and foreign partners to fund petroleum exploration after securing new service contracts. The company aims to expand its operations in the Northwest Palawan Basin and surrounding areas.
Chairman Manuel V. Pangilinan explained that the firm must raise capital to cover service contract costs. He has invited foreign partners, including Chinese investors, to participate in the exploration efforts.
In April, PXP and its consortium partners secured Service Contract 91, which covers approximately 103,034 hectares offshore in the Northwest Palawan Basin. The contract replaces the former Service Contract 6B, which expired on February 28, 2024.
The consortium also obtained Service Contract 88, granting rights to continue oil production at the Galoc Oil Field. The field has a long production history and remains commercially viable.
Since October 2008, the Galoc Oil Field has produced more than 25 million barrels of oil. Natural production declines have not halted operations, allowing continued activity beyond the contract term.
Earlier this year, the group secured Service Contracts 80 and 81 covering Sulu Sea blocks, as well as Service Contract 86 for the Octon Block in northwest Palawan. These contracts extend the company's exploration footprint.
Pangilinan noted that extracting oil and gas from these contracts will involve many years of exploration and production. He emphasized that the process is not a quick solution.
He added that long‑term energy independence is best achieved through indigenous fuels such as solar and wind, complementing petroleum exploration.
