Power

MVP buys more stake in highly-coveted SC 72 Recto Bank

Bilyonaryo Manny V. Pangilinan remains keen on extracting gas from West Philippine Sea oil and gas even though exploration work in the Recto has been on hold since 2014 due to the dispute between the claimants.

The Pangilinan-led PXP Energy Corp.pumped in $1.012 million to increase its stake in FEC Resources Inc. from 55 percent to 78.4 percent through the subscription of 450 million new shares in a stock rights offering.

By taking control of FEC, PXP is raising its economic stake in Forum Energy Limited, the consortium which holds a 70 percent interest in Service Contract 72-Recto Bank, from 76 percent to 77.7 percent.

PXP said the acquisition of additional shares in FEC did not result in a change in the board of FEC or Forum Energy.

Aside from the Sampaguita natural gas discovery in REcto Bank, SC 72 also covers operating interest in SC 40 North Cebu held through Forum Exploration, Inc.minority interests in the SC 6 and SC 14 sub-blocks in offshore Northwest Palawan, including a 2.27% interest in the producing Galoc field, held through Forum Energy Philippines Corp.

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