JV Partners and Percent Equity : PXP Energy Corp. (Operator) 50%, PNOC EC 35%, PetroEnergy Resources Corporation 15%
Project Description : SC 75 was a successful joint bid of Philex Petroleum (now PXP Energy), PetroEnergy, and PNOC EC for Area 4 under the 4th Philippine Energy Contracting Round. The service contract was awarded by the DOE on 27 December 2013. It covers an area of 6,160 km2 in the offshore Northwest Palawan Basin with water depths at 1,000 to 2,600 m. It is located west of SC 58 and north of SC 63.
Brief Background : The SC 75 Consortium conducted 2D seismic acquisition survey in 2014 and acquired about 2,235 km of 2D seismic data over the block. It also acquired 2,337 km gravity and magnetic data aside from the reconnaissance satellite gravity data. These data were all processed and then interpreted to determine the prospectivity of the block.
On 9 September 2015, DOE granted force majeure to SC 75’s work commitments under Subphase 2 effective December 2015 until the date when DOE notifies PXP Energy to resume its petroleum exploration-related activities.
As of May 2018