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PXP Energy in talks with another China company for joint oil exploration in WPS

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PXP chairman Manuel Pangilinan said the meeting was held two months ago at an undisclosed location. He said the talks were not with China National Offshore Oil Corp., with which the company was previously negotiating with for a possible-- READ:

PXP chairman Manuel Pangilinan said the meeting was held two months ago at an undisclosed location. He said the talks were not with China National Offshore Oil Corp., with which the company was previously negotiating with for a possible partnership.PXP and subsidiary Forum Energy Plc coordinated with the government on the resumption of oil and gas exploration activities in Service Contract 75 and SC 72 .

“Instead of quarreling forever who owns which, they said cut the baby into half and develop it quickly so they could sell to Europe. That’s a pragmatic approach,” he said. PXP earlier said they would continue to pursue exploration works on other projects in the Philippines, including SC 40 and SC 74. PXP is an upstream oil and gas company incorporated in the Philippines with shares listed on the Philippine Stock Exchange.

 

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