DOE grants Ayala firm’s force majeure request for west Palawan exploration | Bilyonaryo Business News
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DOE grants Ayala firm’s force majeure request for west Palawan exploration

The Department of Energy has approved the request of the Ayala Group’s oil and gas exploration unit, ACE Enexor to put Service Contract 55 covering its offshore West Palawan petroleum block under force majeure fora period of one year.

The Department of Energy has approved the request of the Ayala Group’s oil and gas exploration unit, ACE Enexor to put Service Contract 55 covering its offshore West Palawan petroleum block under force majeure fora period of one year.

This means all oil and gas exploration and well drilling activities at SC 55 off Palawan will be suspended.

ACE Enexor said the timeline of the SC 55 appraisal period would be adjusted accordingly.

The DOE likewise confirmed the entry of SC 55 into the appraisal period effective April 26, 2020, premised on the drilling of at least one well within the first two years of the appraisal period.

ACE Enexor earlier carried out preparatory works for the drilling of the obligatory well. But this had been deferred due to the disruptions caused by the Covid-19 pandemic.

Aside from ACE Enexor, Pryce Gases Inc. is also part of the SC 55 consortium.

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