The Department of Energy (DOE) and the Ministry of Environment, Natural Resources and Energy of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) are set to launch the first Conventional Energy Bid Round in the region today February 26.
The DOE said four pre-determined areas (PDAs) shall be offered for investment, exploration, development and production of the BARMM’s indigenous resources, as mandated by the Intergovernmental Energy Board.
“The resources identified in the BARMM area are enormous assets that we can fully develop.
As we go another step forward to harnessing these assets, our aspirations for promoting economic growth, generating employment opportunities, and nurture a thriving business landscape in the region are even closer to realization,” said DOE Secretary Raphael Lotilla, in a statement.
The Philippine bid round is a government-led process that invites oil and gas companies to participate in competitive bidding for the right to explore and develop specific acreage within the country.
The initiative also aims to facilitate efficient oil and gas exploration, promote economic growth and ensure responsible resource management in the country which is deemed to have untapped potential for energy exploration.
DOE said it also continues to pursue more gas exploration including the exploration, development and production of native hydrogen which can serve as a transition fuel.
“Leveraging on these opportunities, we invite local and foreign investors to be our partners in achieving energy security and self-sufficiency in the region and the entire Philippines,” Lotilla said. -Jed Macapagal
