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Seven bids filed for oil exploration

August 20, 2019

Seven proposals were submitted on Monday to obtain licenses to explore oil and gas resources in certain parts of the country under the Department of Energy’s (DoE) revised scheme for awarding petroleum service contracts.

The DoE opened four applications for pre-determined areas (PDAs) and three for nominated areas under its Philippine Conventional Energy Contracting Program (PCECP) launched last November.

Under the PDAs, Ratio Petroleum Ltd. lodged a bid for East Palawan while Sulu Sea Energy Resources Development Corp. and Esmaulana Global Ventures Co. Inc. (EMGVCI) filed separately for Sulu Sea.

The Philodrill Corp. and PXP Energy Corp. submitted a joint proposal for Sulu Sea, and EMGVCI for Agusan-Davao.

Meanwhile, under the nomination process, Troika Giant Power Corp. has nominated to explore petroleum resources in Northwest Palawan while Superior (SG) Shipyards Inc. proposed an area in Southeast Luzon.

Last week, the DoE opened Sulu Sea Energy’s application for a nominated area in Northwest Palawan where no entity moved forward to challenge the firm’s proposal.

All applications opened on Monday will now be subjected to further evaluation which will be concluded within 15 working days.

In an interview, Energy Assistant Secretary Leonido Pulido 3rd expressed the agency’s elation after receiving the applications under two schemes of the PCECP.

Amid territorial disputes and competition outside the country, Pulido said the Philippines is a “frontier market” in terms of energy development.

The DoE is planning to open up the 10 remaining pre-determined areas for nomination to the public.

Pulido, said Energy Secretary Alfonso Cusi is contemplating to make the said areas subject to nomination as the PCECP is a continuing effort under the current administration.

Credit belongs to : www.manilatimes.net

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