MANILA, Philippines - The Department of Energy (DOE) will continue the public contracting round for petroleum exploration blocks.
Energy Undersecretary Ramon Oca said the department is close to completing the terms for the bidding of the service contracts.
The DOE regularly bids out energy exploration and development contracts through the Philippine Energy Contracting Round (PECR). But since 2008, the oil and gas leg has not been able to push through.
Oca said they are looking at 10 sites to offer to investors once the petroleum contracts are lined up on the auction table.
The bidding was delayed as the government had to double-check if the proposed sites were not within environmentally-protected areas such as Palawan, Central Luzon and Mindanao.
The DOE, however, earlier placed energy contracts under review to make sure that these are all in order.
“Within the DOE, there’s already a group that’s reviewing those contracts. We’re also trying to make sure that we interact with the stakeholders,” he said.
The government is banking on the entry of investors in the upstream oil and gas industry to help develop indigenous energy sources as the country is a net importer of oil.
Energy officials said the country’s growing demand for power highlights huge opportunities in the energy sector.