MANILA, Philippines - Philex Petroleum, a wholly-owned subsidiary of Philex Mining Corp., posted a net loss of P80.49 million in the first half of the year, due to the temporary suspension of production at the Galoc oil field.
Philex Petroleum swung to a loss this year compared to a profit of P523.09 million during the same period last year, which included a one-time gain of P443.67 million.
"The resulting net loss for the first half, is principally due to income from the Galoc field (through Forum Energy Plc in which Philex Petroleum holds a total direct and indirect interest of 60.49%) being 87% lower than the first half of 2011 due to the temporary suspension of production at the Galoc oil field in Service Contract 14C1 which was required while the Floating Production, Storage and Offloading vessel was upgraded," the company said.
Production at the Galoc field has since resumed.
Philex Petroleum said revenue from petroleum in Forum hit P57.77 million in the first half.
Revenue from coal from Brixton Energy & Mining Corp., a wholly-owned subsidiary which explores and develops coal resources, amounted to P15.72 million.
Manuel V. Pangilinan, chairman and CEO of Philex Petroleum, hoped there will be an improvement in the company's results in the second half of the year.
"While it was not a profitable first half, we look forward to an improvement in the second half with the enhanced reliability expected from the Galoc operations following the FPSO upgrade, and increased salesfrom the Brixton coal project," he said.
Philex Petroleum is said to be in talks with one of China’s biggest firms for possible oil and gas exploration in Recto Bank, which is near the disputed Spratly Islands.