MANILA, Philippines — Energy companies led by business titans Manuel V. Pangilinan and Davao’s Dennis Uy are among those that expressed interest to participate in the latest Philippine Conventional Energy Contracting Program (PCECP) for petroleum, the Department of Energy (DOE) said.
The DOE opened the bid applications last Monday for four areas under the PCECP for petroleum.
Among the companies that made their bids include the MVP-led PXP Energy Corp. for Area 6 located in the Recto Bank Basin of the West Philippine Sea.
Dennis Uy-led Udenna Energy Corp. also submitted its bid for Areas 7 and 8 of the Recto Bank Basin.
Meanwhile, Troika Giant Power Corp. passed its bid application for Area 5 located in the Mindoro-Cuyo Basin.
The bids qualified after they went through a legal, technical and financial evaluation by the review and evaluation committee (REC) of the DOE’s Energy Resource Development Bureau.
“Qualified applications shall be subjected to further exhaustive evaluations from the REC, before the endorsement of the passing application to the DOE Secretary,” the DOE said.
“This would then be followed by the signing of a corresponding service contract by the President,” it added.
Interested challengers have 60 days to submit their counter proposals for the three areas – until May 5 for Area 6 and until May 8 for Areas 7 and 8.
The DOE earlier launched the PCECP to help the Philippines attain energy independence as it facilitates the exploration and development of indigenous energy resources, and revitalize the upstream oil and gas sector.