In an interview with reporters, Energy Undersecretary Guillermo Balce said they would announce the start of PCR 3 by December this year.
He said it would take at least six months to complete the process. By July 2007, he said they expect to award the contracts to the investors.
The PCR 2, undertaken last year, offered four blocks in the Sulu Sea basins and offshore Palawan but only two were so far awarded. The bidding for the four blocks was closed in November 2005 and was supposed to be completed and awarded in June this year.
Balce added they have yet to officially disclose the exact location of the 10 blocks to be offered under PCR 3. But he said these "involve exploration areas all over the country."
He said at least five blocks may involve onshore exploration and another five would be offshore drilling.
This early, he said a number of local and foreign exploration firms have signified interest to join the PCR 3 bidding.
He said those that have signified interest to bid for the Camago Malampaya Oil Leg (CMOL) development have also indicated plans to join the PCR 3.
The DOE official said a preliminary presentation on the PCR 3 would be conducted in Australia.
Engaging in public contracting rounds is one of the government’s strategies to further develop the country’s energy resources and improve energy self-sufficiency. The bidding rounds come with various fiscal incentives to encourage investors to pour in the much-needed capital in the oil and gas exploration sector.
The first PCR was launched in 2003 when the DOE offered for bidding some potential oil-producing areas in Northwest Palawan, Southwest and East Palawan, Sulu Sea and Reed Bank.
Two blocks were awarded to Australian exploration firm BHP Billiton under the PCR 1.
Since 2004, about 16 petroleum exploration service contracts have been awarded with financial resources amounting to at least $215.31 million.