Petroleum Resources

DoE blames global situation for increase in petroleum prices

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THE Department of Energy (DoE) on Tuesday blamed the “current global situation” for the rise in petroleum prices as it reassured the public that the agency and energy firms are taking steps to ease the effects on consumers.


In a statement, the DoE said international political and economic factors were at play to drive higher the prices of oil and other petroleum products.


“US exit from the Iran nuclear deal was accompanied by its re-imposition of economic sanctions on Iran, including those related to oil,” it said.


DoE intensifies drive AGAINST LPG tank refillers

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BACOLOD CITY: The Department of Energy (DoE) with the Criminal Investigation and Detection Group (CIDG) seized over 2,000 butane canisters, some illegally filled with LPG, in three separate raids in Mandurriao district and Pavia in Iloilo.


The intensified campaign against illegal refillers of liquefied petroleum gas (LPG) using butane canisters recently resulted in the arrest of two suspects in Barangay Navais, Mandurriao identified as Roger Baro and Richard Bueno.

Duterte slated to sign petroleum exploration contract of Israeli firm

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President Rodrigo Duterte will formally sign in Malacañang next week the service contract (SC) of Israeli firm Ratio Oil Exploration Ltd. for a petroleum block in Northwest Palawan basin.


Energy Secretary Alfonso G. Cusi disclosed to reporters that the service contract signing and award shall be formally consummated at the Palace on October 8 this year.


“There’s a formal signing next week. It will be a Malacañang signing… at the Office of the President,” he stressed.


Phoenix Petroleum infuses P508 M into 3 subsidiaries

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Independent oil firm Phoenix Petroleum Philippines Inc. is infusing an additional P507.93 million in capital into three wholly owned subsidiaries to expand its depot and terminalling facilities.


Broken down, P55.8 million will go to Subic Petroleum Trading and Transport Inc. (SPTT), P429.63 million to Phoenix Global Mercantile Inc. (PGMI) and P22.5 million to PFL Petroleum Management Inc.


“The capital infusion shall correct capital deficiencies in the subsidiaries as well as for expansion of their respective operations,” Phoenix Petroleum said.


PXP unit, partners to start Peru offshore project

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A unit of PXP Energy Corp. and its partners will start drilling a well in about two years as part of its offshore exploration project in Peru, the Pangilinan-led firm said on Tuesday.


In a disclosure, PXP Energy said Karoon Gas Australia Ltd.—a co-partner of subsidiary Pitkin Petroleum Ltd.—had told the Australian bourse that force majeure had been lifted from Block Z-38 in the Tumbes Basin in offshore Peru after that country amended its hydrocarbon law.



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