Danessa Rivera (The Philippine Star)
- September 27, 2019 - 12:00am
MANILA, Philippines — The Department
of Energy (DOE) attracts the interest of more international companies as it
continues to conduct roadshows abroad to promote the Philippine Conventional
Energy Contracting Program (PCECP).
The agency has received a total of
21 requests of area clearances as of Sept. 5, which resulted in the submission
of seven letters of intent (LOIs) from six companies.
It also said eight companies have
availed in data viewing as of Sept. 10, wherein six of those have successfully
purchased data for petroleum exploration.
This is a result of the continuing
efforts of the Duterte administration to explore and discover indigenous
petroleum resources even after it opened bids under the PCECP last month.
The opening of bids last month
garnered four nominations of pre-determined areas in Sulu Sea, East Palawan and
Cotabato.
It also resulted in three nominated
areas, namely in the Sulu Sea Basin from Sulu Sea Energy Resources Development
Corp., in Ragay Gulf southeast Luzon from Superior Shipyard, and Northeast
Palawan Basin from Troika Giant Power Corp.
Soon after, the DOE resumed its
promotion campaign for the PCECP through the conduct of international roadshows
with the goal of spurring investors’ interest from abroad, the latest of which
is in the United Arab Emirates (UAE).
This unprecedented venture in the
Middle East, in collaboration with DOE’s organizing partner, the Energy
Institute, and through the cooperation of the Philippine Embassy in Abu Dhabi,
the Philippine Consulate-General in Dubai, and the DTI-Philippine Trade and
Investment Center (PTIC) will allow the DOE to communicate with established
companies in UAE that may lead to forging new partnerships for oil and gas
exploration in the country.
The DOE said it is well aware that
the increase in exploration and development activities all over the world is a
measure against the pricing of oil, affecting costs of transportation and
power.
For an energy-secure future, it has
committed to Explore Explore Explore in the pursuit of energy independence,
security and sustainability through effective and reasonable development of all
indigenous energy resources in the Philippines.
The DOE is pushing for petroleum
exploration and development activities in the country to serve as a cushioning
measure against the volatility of oil prices, which has a direct impact on the
costs of transport and power.
Presently, there are only 19 active
Petroleum Service Contracts (PSC) in the country, with Shell Philippines
Exploration, Total E&P, PNOC-EC, Nido Petroleum, Philodrill, PXP Energy and
Galoc Production Co., to name a few of DOE operator-partners.
Among all PSCs, the Malampaya Deep
Water Gas-to-Power Project is the most successful. As the largest natural gas
industrial project in the Philippines, it recovered all costs in four years.
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