The auction will include the opening up of four blocks for petroleum, 10 sites for geothermal, and four areas for coal exploration.
Energy Undersecretary Guillermo Balce said the specific areas to be bid out will be announced shortly.
He said the areas identified have good prospects for petroleum, geothermal and coal production, and once developed, will substantially reduce the country’s dependence on imported fuels and promote energy diversification.
PCR 2005 is part of the DOE’s eight-point action plan to accelerate the country’s energy program and ensure energy security over the long-term.
Each petroleum block covers an area of around 12,000 square kilometers. Several prospective areas in offshore west Palawan and Sulu Sea will be offered to interested investors.
The petroleum sedimentary basins of these areas are considered to be the most prospective in the Philippines for petroleum exploration.
Energy Secretary Raphael P.M. Lotilla earlier said government would also bid out geothermal blocks for power and non-power purposes.
These include multi-crop drying, salt-making, refrigeration by absorption and even hot bath and spa.
Lotilla said coal also has strong market potential.
"Coal potential remains high. Locally produced coal supplies about 20 percent of the country’s 10 million tons per year coal requirements, thus there remains a vast market for additional coal production for clean coal power generation and the cement industry," said Lotilla.
In the first petroleum contracting round, BHP Billiton with Unocal Corp., Amerada Hess, and Sandakan Oil, submitted bids for two blocks in the deep water part of the Southern Sulu Sea, covering about 8,000 square kilometers.
The DOE in August 2003 bid out 46 new exploration blocks located near the Malampaya gas field in Palawan and other oil and gas discoveries and producing fields in Southwest and East Palawan Sea and Reed Bank.