By Alena Mae S. Flores
Listed Ayala-owned ENEX Energy Corp. remains keen on developing a 1,100-megawatt combined cycle gas turbine project through Batangas Clean Energy (BCE) and the Cinco oil and gas prospect under Petroleum Service Contract 55.
ENEX chairman Gerardo Ablaza Jr. said that while SC 55 in the West Philippine Sea remains under force majeure due to ongoing geopolitical issues in the region, the company continues to be on the lookout for potential partners for the asset.
“Nonetheless, we continue to engage with potential partners and sponsors who have both the technical capability and strategic interest to move this forward once conditions permit,” Ablaza said.
“We believe in the long-term importance of developing indigenous energy resources, and SC55 remains a key part of that vision,” he said.
ENEX has a 75-percent interest in SC 55 in offshore West Palawan through its subsidiary, Palawan55 Exploration & Production Corporation. The remaining 25 percent is owned by Pryce Gases.
SC 55 holds the Cinco prospect, estimated to contain 1.3 trillion to 2.4 trillion cubic feet of gas and 45 million barrels of oil.
Meanwhile, Ablaza said Batangas Clean Energy (BCE) is making a steady progress on its gas turbine project in Batangas province. ENEX and US-based Blackstone Inc. portfolio company Gen X Energy LLC are jointly developing BCE.
“This project is well-positioned to support grid stability and cleaner baseload capacity. The project is awaiting the launch of a competitive selection process in order to secure a long-term offtake agreement—a key step towards construction and development,” Ablaza said.
He said 2024 marked a significant inflection point for ENEX after it was able to address the company’s historical negative capital position through the losses from early-stage investments in BCE and SC 55, through a successful restructuring effort.
ENEX is a wholly owned subsidiary of ACEN Corp., the power generation arm of the Ayala Group.
“With the conversion of shareholder advances into equity, we have now achieved a positive equity position and placed our balance sheet on much firmer footing. This allows the company to align with the country’s energy transition initiatives,” he said.
