PXP Energy Corp. through Forum Energy Ltd. has asked the Department of Energy to lift the force majeure imposed on service contract 72, or more popularly known as the Recto Bank.
PXP sent a letter of request to the DoE on Friday seeking the lifting of the force majeure following the signing of a memorandum of understanding between the Philippines and China over cooperation in the West Philippine Sea.
“We see the lifting of the force majeure as a positive development for our SC 72 block and for the country in general,” Forum Energy country representative Daniel Stephen Carlos said.
Forum Energy, in which PXP holds a direct and indirect interest of 78.98 percent, has a 70 percent participating interest in SC 72 located in Northwest Palawan. PXP has a total economic interest of 53.1 percent in SC 72.
PXP is an upstream oil and gas company incorporated in the Philippines whose shares are listed on the Philippine Stock Exchange. The company directly and indirectly owns oil and gas exploration and
production assets in the Philippines, and indirectly holds an exploration asset in offshore Peru.
Energy Secretary Alfonso Cusi earlier urged PXP Energy Corp. to apply for the lifting of the moratorium of its service contracts in the West Philippine Sea amid the recent breakthrough between the Philippines and China over the disputed West Philippine Sea.
