THE Department of Energy is looking at Subic and Batangas as possible areas for the establishment of a regional petroleum stockpile to help ensure the country?s oil security.

Documents from the DOE showed that the government was seeking investors for the possible venture and has identified specific areas in the two provinces.

According to the DOE, the Subic Bay Terminal?which is under the subsidiary of PTT Philippines for the domestic market?has a total capacity of 2.44 million barrels. It claimed that PTT was only using about 1.2 million barrels.

?Thus, there is still room for expansion in the area for additional storage facility that could be used for stockpiling,? the documents stated.

As early as May this year, the DOE said it was in talks with other government agencies on the possible use of facilities in Subic for bioethanol storage.

Zenaida Monsada, director of the DOE?s oil industry management bureau, earlier said that the agency would coordinate with the Subic Bay Metropolitan Authority, the bureaus of Customs and of Internal Revenue to draw up the guidelines governing the use of the facilities.

The depot would be useful for oil firms given the huge volume of ethanol shipments expected to arrive over the next few years.

Meanwhile, Chevron Philippines Inc.?s import terminal in Batangas is another option for storage with a total capacity of 2.28 million barrels subject to negotiations with the private owners.

However, because of limited available existing capacity, the DOE said it was also encouraging investors to establish new facilities.

As of end-2008, the total storage capacity in the country has reached 28.14 million barrels. Depots accounted for 8.49 million barrels, while the refineries-owned by Pilipinas Shell in Tabangao, Batangas, and Petron Corp. in Limay, Bataan, have a total capacity of 14.76 million barrels.

The country?s import and export terminals in Subic and in Tabangao and San Pascual in Batangas have a total capacity of 3.12 million barrels.