Gov’t offers 46 new oil search contracts

The government plans to auction off 46 new oil exploration contracts covering offshore areas this year, the Department of Energy (DOE) said yesterday.

"Forty-six new exploration blocks will be placed on the market for bidding," Energy Undersecretary Eduardo Mañalac said in a statement.

"The areas represent shallow, deep and ultra-deep water close to oil discoveries and producing fields in the Northwest Palawan, and vast frontier areas in Southeast and East Palawan, Sulu Sea and Reed Bank," he added.

He said the government would announce the precise location of the contract areas as well as technical details on Aug. 5.

The Philippines imports virtually all of its oil requirements but has been trying to find other domestic energy sources to complement the Malampaya natural gas field off the western island of Palawan. – AFP