The upstream petroleum business of the Manuel V. Pangilinan-led group, said its net loss widened to P1.74 billion last year after PXP Energy took a P1.66 billion write-down of Peru block Z-38.
The 2021 loss marked a sharp increase from the P56.1 million recorded the previous year due to impairment of the carrying value of the oil and gas assets related to the Peru prospect.
lock Z.
Consolidated petroleum revenues, however, more than doubled to P64.2 million, largely due to the 75.4 percent surge in the average sale price of Galoc crude, which hit $69.58 per barrel.
PXP Energy’s subsidiary Pitkin Petroleum Ltd. received $9.6 million from its partner KEI Pty Ltd Peru, representing the full and final settlement of all its claims in connection with Block Z-38.
PXP Energy said it remains focused on fulfilling its work commitments for 2022 which have been approved by the government, including the drilling of two appraisal wells over the Sampaguita gas discovery in SC 72, and the conduct of a 3D seismic survey in SC 75.
Meanwhile, the group shall continue to pursue explorations with respect to its other projects in the Philippines including SC40 and SC74.
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