Energy Undersecretary Edgardo Mañalac said the new scheme intends to attract more investors to take part in drilling projects as it opens up the bidding to both foreign and local participants.
"We will be issuing very soon a new system of concession awarding. It will be on the basis of a public contracting system," he said.
Mañalac said the DOE may adopt the new system of bidding and awarding in some drilling areas by the middle of this month.
"We will start with the Palawan and Sulu Sea areas. This will be forthcoming in a couple of weeks," he added.
Mañalac said the DOE will change some features in the present bidding process, paving the way for a more investor-friendly environment.
"Before, the usual system was first-come, first-served. Now, if you want to apply, you can just come in," he said.
He said the soon-to-be-adopted mechanism will also allow the regulators to get the true value of the drilling program.
"We do not really know the real value of the acreage. This time, we will know because it would be an open bidding for potential investors," he said.
Mañalac stressed the new system will enable not only local investors but more specially foreign investors to continue to explore drilling prospects in the Philippines.
The newly-appointed energy official also admitted that for the past years, oil and gas exploration projects in the country have not been given much focus.
"Exploration activities in the country somewhat stagnate. We need to reintegrate it so that we will have more drillings for new reserves of gas and oil," he said.
After the launching of the new bidding and awarding scheme, Mañalac said they will be conducting a series of roadshow presentations here and abroad.
"What we are going to do is to try and test the waters. After we announce the new scheme, we will go around and do some promotional trips/roadshows to explain the attractiveness of the Philippine exploration potential," he said.