THE Department of Energy has granted force majeure to the work commitments of Palawan55 Exploration and Production Corporation under service contract 55 due to operational and financial risks cited by the subsidiary of ACE Enexor .
Pursuant to Section 26.01 of SC 55, the DOE found basis to place SC 55 under force majeure from December 6, 2022 until such time that a clearance to proceed with exploration activities in the West Philippine Sea has been issued by the government. In June last year, ACEN announced the cancellation of the property-for-share swap deal with ENEX due to unfavorable market conditions.
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