The Department of Energy’s (DOE) Energy Resource Development Bureau (ERDB) yesterday said Repsol Exploracion S.A. was the only company that submitted the application requirements for the development of an oil and gas prospect in Palawan.
The ERDB on Monday opened the application for Nominated Area No. 4 in Northeast Palawan under the Philippine Conventional Energy Contracting Program (PCECP).
PCECP is DOE’s revised and transparent petroleum service contract awarding mechanism that allows the government to develop and utilize indigenous petroleum resources under a service contract with qualified local and international exploration companies. Awarding of service contracts are conducted either through the competitive selection process or via nomination of the investors themselves.
“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,” said DOE Secretary Alfonso Cusi.
Cusi said after passing the technical, legal and financial completeness check of Repsol, the ERDB and a technical working group composed of DOE’s Legal Services and Financial Services, will further conduct substantive evaluation of the proposal within 15 working days.
As of September 5, a total of 21 requests of area clearances which resulted in seven letters of intent from six companies were received by DOE for PCECP.
Meanwhile, as of September 10, eight companies availed in data viewing where six of those have successfully purchased data for petroleum exploration.
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.