PXP Energy Eyes Native Hydrogen Exploration Amid Funding Drive

MANILA, Philippines — Billionaire Manuel V. Pangilinan has expressed interest in native hydrogen exploration for his group’s upstream oil and gas firm PXP Energy Corp., even as the firm scrambles to get fresh funds to pursue several service contracts. “Yes,” Pangilinan, who chairs PXP Energy, said when asked about also considering the native hydrogen arena. Native hydrogen refers to naturally occurring hydrogen gas deposited under the ground. So far, the Philippine government has three natural hydrogen service contracts, all awarded to US-based Koloma Inc. “In fact, we have to raise money for PXP for the various service contracts,” he added. Pangilinan said the group has been wooing foreign companies to join PXP Energy. “We’ve invited the Chinese to join us and invest in service contracts in the Philippines into a farm-in. In which case, at least for service contracts, it’s not disputed within Philippine territory,” he said. In April, the firm and its consortium partners secured a new petroleum service contract (SC), SC No. 91, from the government for an offshore area in northwest Palawan. SC 91 has an offshore area of about 103,000 hectares in the Northwest Palawan Basin. The contract replaces the former SC 6B, which lapsed in February 2024. It includes the Cadlao Oil Field, which produced about 11.2 million barrels of oil between 1981 and 1991. Last year, the group also received three petroleum SCs from the government, covering SC 80 and 81 in the Sulu Sea and SC 86 (Octon-Malajon Block) in Northwest Palawan. The Sulu Sea blocks—SC 80 and SC 81—are jointly administered by the Department of Energy and the Bangsamoro Autonomous Region in Muslim Mindanao through its Ministry of Environment, Natural Resources, and Energy. SC 86, meanwhile, covers the Octon Block in Northwest Palawan, an area adjacent to established producing oil fields. Pangilinan said that PXP Energy is committed to conducting exploration activities to help the Philippines reach energy independence. INQ