By 2025, AC Energy Corp.’s (ACEN) portfolio will be 100-percent renewable. On Tuesday, the power arm of conglomerate Ayala Corp. said the board approved this transition as part of the company’s commitment to achieve net zero emissions by 2050. Net zero is a global movement to achieve zero net greenhouse…
BusinessWorld
May 14, 2021 | 7:21 pm
THE DEPARTMENT of Energy (DoE) has cleared service contract (SC) 55 consortium’s request to put its offshore west Palawan petroleum block under force majeure for one year, based on disclosures from two firms.
In a regulatory filing on Friday, the Ayala Group’s oil and gas exploration unit ACE Enexor, Inc. said its subsidiary Palawan55 Exploration & Production Corp., received DoE’s letter on May 11. Palawan55, which holds majority or 75% participating interest in the consortium, is the operator of the SC 55,
The DoE approved the consortium’s request to place the block under force majeure.
“The letter…states that the timeline of the SC 55 Appraisal Period will be adjusted accordingly, and the end of the period will be adjusted by the same amount of time that SC 55 was on Force Majeure,” ACE Enexor said.
Published May 14, 2021, 2:10 PM
Ayala-led firm ACE Enexor Inc. has secured the approval of the Department of Energy (DOE) on its bid for one-year force majeure declaration on targeted oil and gas exploration and well drilling activities at its Service Contract (SC) 55 off Palawan basin.
Photo credit: https://enexor.com.ph
In a disclosure to the Philippine Stock Exchange (PSE), the company stipulated that it received an official correspondence from the DOE dated May 11, 2021, “approving its request to place SC 55 under force majeure for a period of one year.”
The Ayala firm further noted that with the go-signal from the energy department, “the timeline of the SC 55 appraisal period will be adjusted accordingly;” and this shall be in accordance with the timeframe when the block under SC 55 shall also be set under the state of force majeure.
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