By: Ronnel W. Domingo - 05:14 AM
November 15, 2019
PXP Energy Corp. saw its net loss
for the January-September period shrink by 56 percent year-on-year to P21.8
million amid the lingering moratorium on petroleum exploration at Recto Bank.
The MVP group company’s consolidated
petroleum revenues were 52 percent lower at P51.1 million this year from P106.1
million previously.
ADVERTISEMENT
This was attributed to a 36-percent
drop in output and 13.6-percent fall in crude oil prices at its Galoc
production field as well as the plugging and abandonment of its Nido and
Matinloc production wells.
On the other hand, the shutdown in
Nido and Matinloc as well as lower depletion cost in Galoc pushed down expenses
by 46 percent to P94.2 million from P173.7 million.
These factors helped trim down
consolidated net loss from P49.1 million in the first nine months of 2018.
Even with the pending PXP call for
the government to lift the moratorium on activities at Recto Bank, where there
is a potential source of natural gas comparable to Malampaya, the company
earlier this week submitted to the Department of Energy an unsolicited proposal
for the strategic development and use of an “Integrated Gas Hub” in Malampaya.
Under the proposal, the Malampaya
infrastructure and distribution network is envisioned to support the continued
development of the Malampaya resources as well as the economic development of
Sampaguita Field and other nearby prospects at Recto Bank.
The integrated project is intended
to ensure energy security in the Philippines with indigenous natural gas
resources for the next 25 years.
“In the meantime, PXP has expressed
an interest to acquire the 45-percent ownership of Chevron Malampaya LLC in
Service Contract No. 38 through the right to match of the other SC 38
consortium members,” the company said.
No comments:
Post a Comment