Firm tells DOE of interest to explore Mindoro-Cuyo basin petrol reserves

By Lenie Lectura- February 12, 2020

https://businessmirror.com.ph/2020/02/12/firm-tells-doe-of-interest-to-explore-mindoro-cuyo-basin-petrol-reserves/

THE Department of Energy (DOE) has received an application to explore petroleum reserves in Mindoro-Cuyo basin, a nominated area submitted by an undisclosed firm.

The nomination of an area for exploration is one of the two ways by which investors can participate in the DOE’s Philippine Conventional Energy Contracting Program (PCECP). The process for this option begins by requesting the DOE for an Area Clearance.

The other option is choosing an area from the 14 Pre-Determined Areas (PDAs) offered by the DOE.

The identity of the nominating party “cannot be disclosed to protect the integrity of the bidding process,” the DOE replied when asked who nominated area No.5 or the Mindoro-Cuyo basin.

The nominated area is subject to counter challenge by other prospective bidders. Deadline for the submission of documents by counterproponents is set at 60 calendar days from date of publication by the nominating party.

The nominating party published the existence of its application last January 31, the DOE said. Challengers have until March 31 this year to make a counter offer. The DOE has scheduled on the same day the opening of the bids.

“Such information, along with those of the parties who submitted counterproposals, if any, during the 60-day challenge period following the publication of the nominated area, shall likewise be disclosed during the opening of bids,” said the DOE.

The DOE has so far received four other bids for nominated areas.

These are in Sulu Sea Basin, Ragay Gulf and Northeast Palawan Basin. Two applications were filed to explore areas in Northeast Palawan.

“We actively welcome all PCECP applications, as each one has the potential to bring us closer to desire to maximize the exploration, development, and utilization of our indigenous energy resources to help us attain energy security and independence,” Energy Secretary Alfonso G. Cusi earlier said.

PCECP was established to help reinvigorate petroleum exploration and development activities in the Philippines.