The consortium of PNOC Exploration Corp. (PNOC-EC), Philex Petroleum Corp. and PetroEnergy Resources Corp. (PERC) has finally obtained the permission of the Department of Energy (DOE) to proceed with its oil and gas exploration in Northwest Palawan Basin under Petroleum Service Contract 75 (SC 75).
A disclosure to the Philippine Stock Exchange showed that Philex Petroleum received from DOE on Friday the duly executed copy of SC 75. SC 75 covers an area of approximately 616,000 hectares in the Northwest Palawan Basin, which was referred to as Area 4 in the Fourth Philippine Energy Contracting Round for Petroleum (PECR4 Area 4).
The Petroleum Service Contract for PECR4 Area 4 was awarded to the bid group comprising Philex Petroleum (50 percent), PNOC-EC (35 percent) and PERC (15 percent) in early 2013.
Philex Petroleum disclosed to the local bourse on February 14, 2013, that it received a letter from the Energy department saying the group won the contract for Area 4 in Northwest Palawan.