MVP Group takes full control of Pitkin Petroleum

Bilyonaryo Manny V. Pangilinan-led PXP Energy Corp. has taken full ownership of Pitkin Petroleum Ltd. (PPL), a company which holds a 25 percent participating interest in Peru Block Z-38.

From a 53.43-percent stake, PXP Energy said it has raised its stake in PPL with the acquisition of all remaining 46.57 percent interest for $3.5 million.

PPL now becomes a wholly-owned subsidiary of PXP.

PXP Energy said the transaction was implemented through a share repurchase arrangement with the minority shareholders.

It said the acquisition is part of its continued efforts on streamlining the corporate structure of subsidiaries involved in overseas oil and gas exploration projects.

PPL is a UK-registered upstream oil and gas company with operations in Peru.

Samat  cleared to start LNG project in Bataan

Samat LNG Corp. has received the greenlight from the Department of Energy to start the development of a small-scale liquefied natural gas (LNG) receiving terminal and regasification facility in Brgy. Sisiman, Mariveles, Bataan.

CA thumbs down SMC unit’s TRO plea vs ERC order

The Court of Appeals (CA) has denied the petition filed by San Miguel Corp. to nullify the Energy Regulatory Commission’s order rejecting the power rate hike sought by its power subsidiaries and Manila Electric Co. (Meralco).

Usapang Bilyonaryo
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Usapang Bilyonaryo” is a digital-first, hybrid magazine show hosted and produced by veteran broadcast journalist Ces Oreña-Drilon in cooperation with the Bilyonaryo.com team. The 30-minute TV cut airs on CNN Philippines at 8 PM every Monday, starting January 16. The full version or producer’s cut of each episode, as well as interview splices, will be posted on Bilyonaryo.com’s Youtube and Facebook accounts.

 

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