By Danessa Rivera (The
Philippine Star) | Updated September 26, 2016 - 12:00am
MANILA, Philippines – Fresh from its
change in corporate name, PXP Energy Corp., the upstream oil and gas unit of
listed Philex Mining Corp., is now scouting for investments in the renewable
energy (RE) sector.
PXP Energy just received last month
approval from the Securities and Exchange Commission (SEC) to change its name
from Philex Petroleum Corp. to allow it to include other sources of energy in
its business.
Other energy investments include the
RE, Philex Petroleum president Daniel Stephen Carlos told The STAR.
“We are considering going into RE
but we are still looking for prospective projects,” he said.
The company first announced its
change in corporate name in April this year, which was approved by shareholders
a month after.
The move will allow the company to
have other sources of income, as it currently operates a net loss because of
the low oil price environment and as most of its oil and gas prospects have yet
to start production.
It also has several projects under
force majeure, namely Service Contract (SC) 72 Reed Bank offshore west Palawan
and SC 75 in offshore Northwest Palawan Basin because these projects are
located in the disputed West Philippine Sea.
In the first half of 2016, Philex
Petroleum reduced its losses to P21.8 million compared with last year’s P48.7
million amid cost reduction efforts.
Last year, it registered a net loss
of P87.5 million, 61 percent lower than the P225.6-million net loss in the
previous year.
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