Philex Petroleum Corp. reported on Thursday that the consortium to which its unit Pitkin Petroleum Plc belongs has been formally awarded a petroleum contract off Palawan.
In a disclosure to the Philippine Stock Exchange, Philex Petroleum said Pitkin and The Philodrill Corp. bagged Service Contract No. 74 (SC74) for Area 5 located in the Northwest Palawan Basin.
Philex Petroleum Corp. holds a 50.28-percent stake in subsidiary Pitkin.
In February, the Department of Energy (DOE) advised the consortium that it had won the petroleum contract, Pitkin earlier reported.
“The signed SC shall be subject for approval by the Department of Energy,” the company said.
Pitkin and Philodrill last year won the bidding for the right to explore and develop Area 5’s petroleum resources.
The area was offered under the fourth Philippine Energy Contracting Round for petroleum.
Area 5 spans about 424,000 hectares, according to the Energy department.
Data from the DOE show that the Philippines has a potential resource of 8.6 billion barrels of oil equivalent; 3.27 billion barrels of oil; 28.5 trillion cubic feet of gas and 164 million barrels of condensate. Riza T. Olchondra