THE Department of Energy (DoE) has granted Phinma Petroleum and Geothermal Inc.’s request to surrender a contract to explore oil and gas resources in the Visayas. In a disclosure on Wednesday, the listed energy firm said it received from the DoE a notice approving its relinquishment of Service Contract (SC) 69, pending the settlement of the remaining financial obligations that it had earmarked in this year’s budget. SC 69 covers an offshore area in the Camotes Sea in Eastern Visayas. Its contract has an exploration period of seven years and a production period of 25 years. This comes after the firm told the department in June last year that it had decided to give up the contract on account of strong opposition from various stakeholders. Phinma Petroleum shares added 29 centavos or 3.26 percent to finish at P9.19 apiece on Thursday.
