YUCHENGCO-LED PetroEnergy Resources Corp. (PERC) said it expects to finish its drilling campaign in offshore Gabon, West Africa, later this yr, aiming to extend oil field production.
In a press release on Thursday, the listed energy company said it continues to administer its offshore oil interests in Gabon because it undertakes a Phase 3 drilling campaign, which is anticipated to boost 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 corporate holds a 2.53% participating interest within the exploration and production sharing contract (EPSC) covering the Etame block in Gabon, West Africa, in accordance with 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 throughout the Etame Marin Permit area.
In 2025, total crude output from 4 oil fields — Etame, Avouma, Ebouri, and North Tchibala — reached 5.20 million barrels. Of this, 5.35 million barrels were exported at market prices starting 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 as a result of increased financing costs linked to recent project loans.
The corporate 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 aspects contributed to a 39.77% drop in attributable net income to P284.18 million.
Despite this, total revenues rose 8% yr on yr to P3.72 billion, driven mainly by higher electricity sales following the energization of three solar energy projects.
PERC said it’s ramping up industrial operations of its solar assets in Bugallon and Isabela, in addition to completing the Panitan solar and battery energy storage system in Capiz. — Sheldeen Joy Talavera