The Department of Energy (DOE) said there are now five approved nominated areas under its Philippine Conventional Energy Contracting Program (PCECP).
Under PCECP, interested investors can apply for service contracts via bidding for pre-determined areas by the DOE or by nominating their preferred areas that can be challenged by other developers.
Based on data released by the DOE, the fifth addition to nominated possible petroleum resource areas is located in the Cuyo Basin in Oriental Mindoro which can be challenged by other potential investors until the end of next month.
The four previous nominated areas were in Sulu Sea basin, Northwest Palawan basin and in Southeast Luzon basin.
In 2019, the DOE welcomed over 40 companies for explanatory meetings; received five applications from four of 14 pre-determined petroleum resource areas; and 24 area nomination requests from 13 companies under the PCECP.
Currently, there are 19 active petroleum service contracts in the Philippines with Shell Philippines Exploration, Total E&P, PNOC-EC, Nido Petroleum, Philodrill, PXP Energy and Galoc Production Co. as operator-partners.
