Philippines-based upstream oil and gas company Philex Petroleum Corporation announced Friday that the company has received from the Philippines Department of Energy the duly executed copy of Petroleum Service Contract No. 75 (SC 75) in the Northwest Palawan Basin off the Philippines.
SC 75 covers an area of approximately 1.522 million acres (616,000 hectares) in the Northwest Palawan Basin which was referred to as Area 4 in the 4th Philippine Energy Contracting Round for Petroleum (PECR4 Area 4).
The Petroleum Service Contract for PECR4 Area 4 was awarded to the bid group comprising Philex Petroleum Corporation (Operator, 50 percent), PNOC Exploration Corporation (35 percent), and PetroEnergy Resources Corporation (15 percent).
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