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Manila Bulletin devider Business devider ENEX Energy advances Batangas RE project while navigating offshore oil challenges

ENEX Energy advances Batangas RE project while navigating offshore oil challenges

Published Apr 23, 2025 08:54 am

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ENEX Energy Corporation, an Ayala-led ACEN Corporation subsidiary, is actively working to unlock the full potential of its two key assets: a clean energy power plant in Batangas and an offshore oil and gas project in the West Philippine Sea.

During the Annual Stockholders’ Meeting on Wednesday, April 23, Enex Chairman Gerardo Ablaza Jr. reported that they would adjust their investments based on the economy and market conditions, focusing on their two core projects.

“We will concentrate on unlocking the full potential of Service Contract 55 (SC55) and the Batangas Clean Energy (BCE), and we will do so with patience and discipline. We will calibrate investment spending with current macro conditions and market opportunities to optimize long-term value,” he stated.

In 2024, Enex reduced its losses by focusing on renewable energy (RE) and indigenous energy resources.

“Through a successful restructuring effort, we have addressed the company’s historical negative capital position, which was primarily due to accumulated losses from early-stage investments [in BCE and SC55]. With the conversion of shareholder advances into equity, we have now achieved a positive equity position and placed our balance sheet on a much firmer footing,” Ablaza explained.

According to Ablaza, SC55, the oil and gas contract, remains under force majeure due to the geopolitical tensions between the Philippines and China.

“Nonetheless, we continue to engage with potential partners and sponsors who possess both the technical capability and strategic interest to move this forward once conditions permit,” he said.

Meanwhile, BCE is already progressing on the 1,100 megawatts (MW) combined-cycle gas turbine project, which is expected to help ensure grid stability and provide a cleaner baseload power source.

“The project is awaiting the launch of a Competitive Selection Process (CSP) to secure a long-term offtake agreement—a key step towards construction and development,” Ablaza added.

Enex stated that they are maintaining discussions with potential investors and partners, as these would be valuable for both equity and project financing.

While the company is still waiting for developments regarding the offshore oil project, Enex is optimistic about the advancement of its renewable energy initiatives.

In 2024, ACEN invested in ENEX through a share subscription agreement, covering 177,544,011 non-voting preferred shares to be issued at a par value of ₱1.00 per share.

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