YUCHENGCO-LED PetroEnergy Resources Corp. (PERC) said it expects to complete its drilling campaign in offshore Gabon, West Africa, later this year, aiming to increase oil field production.
In a statement on Thursday, the listed energy company said it continues to manage its offshore oil interests in Gabon as it undertakes a Phase 3 drilling campaign, which is expected to raise production to 18,000 barrels of oil per day (bpd) from 15,000 bpd.
PERC is a publicly listed energy company with a diversified portfolio spanning upstream oil exploration and development, renewable energy development, and power generation.
The company holds a 2.53% participating interest in the exploration and production sharing contract (EPSC) covering the Etame block in Gabon, West Africa, according to its 2025 annual report.
The EPSC is a contract with the Gabonese government that grants the holder rights to conduct exploration, development, and production activities within the Etame Marin Permit area.
In 2025, total crude output from four oil fields — Etame, Avouma, Ebouri, and North Tchibala — reached 5.20 million barrels. Of this, 5.35 million barrels were exported at market prices ranging from $57.09 to $78.12 per barrel.
PERC said its profitability in 2025 was affected by higher interest expenses, which rose to P652.66 million due to increased financing costs linked to new project loans.
The company also reported a 20.24% decline in oil revenues to P415.09 million, citing lower crude oil prices and reduced production from its Gabon operations.
These factors contributed to a 39.77% drop in attributable net income to P284.18 million.
Despite this, total revenues rose 8% year on year to P3.72 billion, driven mainly by higher electricity sales following the energization of three solar power projects.
PERC said it is ramping up commercial operations of its solar assets in Bugallon and Isabela, as well as completing the Panitan solar and battery energy storage system in Capiz. — Sheldeen Joy Talavera
