Philippines accepts bids for 5 energy contracts

MANILA, Philippines—The Philippines has accepted bids for five oil and gas exploration contracts, setting another tender in July for three other blocks between its western coast and the West Philippine Sea (South China Sea) despite China’s claim to those areas.

Energy Undersecretary Jay Layug said $7.5 billion dollars in investments are expected for 15 energy contracts being offered.

He said accepted bids will be evaluated within 100 workings days and contracts will be awarded within the year.

Layug said 38 companies prequalified. Bidding was opened Friday for 12 contracts and only nine of 16 bids met requirements for five of the exploration blocks.

Layug said three blocks northwest of Palawan Island up for bidding on July 31 are “the most prospective” and more bids are expected for those.

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Tags: Energy , gas exploration , South China Sea , West Philippine Sea