ONE of the pioneers and most active oil exploration companies in the country, Philippine Overseas Drilling and Oil Development Corp. (Philodrill), received today from the Department of Energy the approval of GPC 2's withdrawal from Service Contract (SC) 14C1 consortium.

Galoc Production Co. forfeited its participating interest in the block in favor of NPG Pty Ltd., formerly Nido Production Galoc Co., when it failed to remedy its default in the cash call issued to the joint venture partners (JVP) in November 2020.

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