|
MANILA, Philippines - Over 100 oil and gas exploration companies have expressed interests in taking a look at what the Philippine Energy Contracting Round (PECR) 4 has to offer, an energy official said.
Energy undersecretary Jay Layug, who led a delegation for an international roadshow in Singapore last June 10, said they have received an overwhelming response from prospective investors.
“We are once again overwhelmed by the number of companies who showed up and expressed interest in exploration in the Philippines. This continues to be a testament to the investor confidence in the Aquino administration and the direction it has set for Philippine energy security,” Layug said.
Prominent global oil and gas exploration and service companies, Layug said, have attended the event. These include, among others, Total, Fugro, Kuwait Foreign Petroleum Exploration Co., Santos, Perenco, Mitsui Oil Exporation Co. Ltd., ENI, Chevron, Apache, Anadarko, Lundin Petroleum, Cathay Petroleum, Star Energy, Loyz Oil, New Zealand Oil and Gas, Nio Petroleum, Husky Energy, Nexus Energy, PFC Energy, JMJ Petroleum, Coastal Energy, Origin, Kris Energy, Swan Oil and Gas, et al.
Even exploration and service companies in neighboring Asian countries also attended the Philippine roadshow and met the Philippine delegation including Petronas, Pertamina, One Asia, JGC (Malaysian) Sdn. Berhad, Tullow Bangladesh Ltd., ROC Oil Malaysia, Petra Perdana Berhad and Newfield Peninsula Malaysia Inc., JX Nippon, Samudra Energy, etc.
Layug said the Department of Petroleum and Energy of Papua New Guinea has also expressed support to PECR 4 and will encourage its investors to consider the Philippines for exploration.
Existing service contractors, Nido Petroleum, Philodrill, Pearl, Forum, Pitkin, Petroenergy, of the Philippines were also in attendance to lend full support to PECR 4.
Stephen Doyle, the president of Cathay Petroleum and Southeast Asian Petroleum Exploration Society said, “The attendance at the Singapore roadshow is overwhelming and the investor interest in Philippine exploration is unprecedented.”
PECR 4 forms part of President Aquino’s long-term plans to address Philippines’ need for oil and gas and reduce dependence on imported oil.
It provides for transparent and competitive system of tendering onshore and offshore oil and gas blocks for exploration to interested oil and gas companies.
Under this process, the DOE determines the winning bidders based on specific technical, legal and financial criteria.
The President of the Philippines then awards service contracts pursuant to the mandate of the 1987 Philippine Constitution and Presidential Decree No. 87, otherwise known as “The Oil Exploration and Development Act of 1972.”
Layug is joined by OIC-director for Energy Resource Development Bureau Ismael Ocampo, and OIC-director for Petroleum Resources Development Bureau Gil Ansay in the Singapore roadshow.
Energy undersecretary Jay Layug, who led a delegation for an international roadshow in Singapore last June 10, said they have received an overwhelming response from prospective investors.
“We are once again overwhelmed by the number of companies who showed up and expressed interest in exploration in the Philippines. This continues to be a testament to the investor confidence in the Aquino administration and the direction it has set for Philippine energy security,” Layug said.
Prominent global oil and gas exploration and service companies, Layug said, have attended the event. These include, among others, Total, Fugro, Kuwait Foreign Petroleum Exploration Co., Santos, Perenco, Mitsui Oil Exporation Co. Ltd., ENI, Chevron, Apache, Anadarko, Lundin Petroleum, Cathay Petroleum, Star Energy, Loyz Oil, New Zealand Oil and Gas, Nio Petroleum, Husky Energy, Nexus Energy, PFC Energy, JMJ Petroleum, Coastal Energy, Origin, Kris Energy, Swan Oil and Gas, et al.
Even exploration and service companies in neighboring Asian countries also attended the Philippine roadshow and met the Philippine delegation including Petronas, Pertamina, One Asia, JGC (Malaysian) Sdn. Berhad, Tullow Bangladesh Ltd., ROC Oil Malaysia, Petra Perdana Berhad and Newfield Peninsula Malaysia Inc., JX Nippon, Samudra Energy, etc.
Layug said the Department of Petroleum and Energy of Papua New Guinea has also expressed support to PECR 4 and will encourage its investors to consider the Philippines for exploration.
Existing service contractors, Nido Petroleum, Philodrill, Pearl, Forum, Pitkin, Petroenergy, of the Philippines were also in attendance to lend full support to PECR 4.
Stephen Doyle, the president of Cathay Petroleum and Southeast Asian Petroleum Exploration Society said, “The attendance at the Singapore roadshow is overwhelming and the investor interest in Philippine exploration is unprecedented.”
PECR 4 forms part of President Aquino’s long-term plans to address Philippines’ need for oil and gas and reduce dependence on imported oil.
It provides for transparent and competitive system of tendering onshore and offshore oil and gas blocks for exploration to interested oil and gas companies.
Under this process, the DOE determines the winning bidders based on specific technical, legal and financial criteria.
The President of the Philippines then awards service contracts pursuant to the mandate of the 1987 Philippine Constitution and Presidential Decree No. 87, otherwise known as “The Oil Exploration and Development Act of 1972.”
Layug is joined by OIC-director for Energy Resource Development Bureau Ismael Ocampo, and OIC-director for Petroleum Resources Development Bureau Gil Ansay in the Singapore roadshow.
No comments:
Post a Comment