Philex Petroleum - updates

Rappler's latest stories on Philex Petroleum


MVP on Reed Bank exploration: 'Absolutely no movement'

Nov 21, 2016 - 8:00 AM

Meanwhile a congressman is worried about energy security and says it is high time to allow the resumption of the stalled projects

NO MOVEMENT. After the Philippines' win against China over the West Philippine Sea, Pangilinan-led PXP Energy awaits government's cue on Reed Bank exploration. Photo by Alecs Ongcal/Rappler

Reed Bank exploration: Philex Petroleum may seek new foreign partner

Jul 14, 2016 - 3:52 PM

After the Philippines win against China over the West Philippine Sea Philex Petroleum awaits government s cue on Reed Bank exploration

NEW PARTNER? Philex Petroleum chief Pangilinan hints his company might look for new foreign partner/s for Reed Bank exploration. Photo by Alecs Ongcal/Rappler

Philex explores prospects outside disputed Reed Bank

Mar 07, 2016 - 6:36 PM

This is after the Philippine government in March 2015 suspended all exploration works at the Reed Bank in the South China Sea

EXPLORATION. Oil and gas reserves in Reed Bank are said to be larger than those in Malampaya, which accounts for 40% electricity requirement of Luzon

Billions of pesos in Church funds locked in stocks

Jan 11, 2015 - 7:30 AM

UPDATED The Church has investments in banking oil energy information technology food and beverages construction and mining

MVP-led Philex to shut down coal mine

Sep 02, 2013 - 11:29 AM

Six months after declaring a suspension the Philex unit proceeds with closure of coal mining operations

Currency woes widen Philex Petroleum losses in H1

Jul 26, 2013 - 1:10 PM

The net losses of upstream oil and gas company Philex Petroleum Corp widens to P225 2 million in the first 6 months of 2013 from P80 5 million a year ago

MORE LOSSES. The oil and gas company led by Manuel V. Pangilinan incurred more losses in the first 6 months of 2013 due to forex woes

Philex unit completes P2.1-B sale of Vietnam firm

Jul 17, 2013 - 4:29 PM

The sale generated P200 million profits which the Philex group intends to use to fund exploration activities and acquire new oil and gas exploration assets

Philex Petroleum cuts losses by 47% in Q1

Apr 19, 2013 - 12:51 PM

Philex Petroleum reduced its net loss through a 433 7 hike in revenues in the 1st quarter of 2013

RECOVERY. MVP-led Philex Petroleum posted a 433.7% hike in revenues in the 1st quarter of 2013.

Philex Petroleum raises stake in UK oil, gas firm to 50%

Apr 08, 2013 - 1:17 PM

The company acquires new and existing shares in Pitkin Petroleum

MAJORITY STAKE. Philex Petroleum gains a 50.28% stake in Pitkin Petroleum.

Philex ends 2012 with P295-M loss

Feb 28, 2013 - 12:14 AM

The closure of Padcal mine in Benguet and write offs of oil and coal assets pulled down the 2012 bottom line of the country s biggest extractive industry player

MINE SPILL. A Philex Mining staff checks the penstock of the tailings pond of Padcal mine in Benguet. Photo courtesy of Philex

MVP-led Philex Petroleum posts P1.09-B loss in 2012

Feb 22, 2013 - 11:22 AM

The listed oil and gas unit of the Manuel V Pangilinan business group wrote off losses from coal and gas projects in 2012

Philex sells PetroEnergy shares at discount

Feb 22, 2013 - 9:53 AM

Philex Petroleum sells its entire stake in PetroEnergy Resources to Yuchengco led RCBC Securities Inc

Forum Energy losses mount due to gas project

Feb 21, 2013 - 5:48 PM

The loss stems from a third party assessment that reduced the likelihood of commercially viable hydrocarbon deposit in the company s Service Contract 40

MVP units, PNOC-EC win energy contract near Palawan

Feb 15, 2013 - 8:59 PM

The award of contract to explore oil and gas deposits in Area 4 northwest of Palawan is the Philippines way of asserting sovereign rights over parts of the disputed South China Sea

MVP group awaits govt's nod on Recto Bank drilling delays

Jan 18, 2013 - 11:03 AM

The group is waiting for word from the Department of Energy if it can miss some of the deadlines in its approved work program

MVP-led Philex Petroleum unit suspends coal mining biz

Jan 09, 2013 - 1:25 PM

Falling coal prices has led the group of Manuel V Pangilinan to suspend its Mindanao coal mining operations for 6 months

MVP open to US, Chinese partners in Recto Bank

Jun 16, 2012 - 11:23 AM

I m a business person If we could increase our trade increase investments address tourism that would be the goals I d be looking at as a business person

With bigger reserves than Malampaya, Recto Bank drilling a go

Apr 25, 2012 - 12:58 PM

Philex discovers more oil and gas at Recto Bank