MANILA, Philippines — The Philippines is seeking oil exploration partners in the United Arab Emirates (UAE) with offers of attractive terms, incentives and viable service contracts with the government.
The Department of Energy (DOE) and the Philippine embassy in Abu Dhabi have teamed up in promoting energy investment opportunities for emirati investors.
The DOE and the embassy recently conducted the Philippine Conventional Energy Contracting Program (PCECP) roadshow in Abu Dhabi, Dubai and Sharjah.
Energy Assistant Secretary Caron Aicitel Lascano led the six-member delegation to the roadshow.
Ambassador Hjayceelyn Quintana welcomed the DOE’s strategic promotion of petroleum exploration in the UAE, its first-ever roadshow in the Gulf and Middle East region.
The PCECP roadshow aims to help sustain energy security and sustainability in the country by looking for investors interested in oil and gas exploration in pre-determined and unexplored areas in the Philippines.
During their visit, members of the delegation met with the Abu Dhabi Investment Council, Abu Dhabi Chamber of Commerce and Industry, Sharjah Chamber of Commerce and Industry and a number of big industry players with offices in the UAE.
The London-based Energy Institute, with Middle East office in Dubai, arranged the meetings.
The Philippines and China have agreed on a joint oil and gas exploration deal, one of 29 agreements signed during the state visit to the Philippines of Chinese President Xi Jinping in November 2018.
The two countries have formed working groups to explore oil and gas agreements in the West Philippine Sea.
Members of an inter-government steering committee tasked to supervise the Philippines’ joint oil and gas exploration projects with China have already been appointed.
The Philippine delegation is composed of officials from the Department of Foreign Affairs and one each from the DOE, Department of Justice and the National Mapping and Resource Information Authority.