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DOE seeks investors in oil exploration

/ 05:07 AM May 21, 2019

Alfonso Cusi—LYN RILLON

The Department of Energy (DOE) has embarked on a road show in the United States to drum up interest in its Conventional Energy Contracting Program, with 14 onshore and offshore areas available for petroleum exploration concessions.

The campaign, done through participation in the annual convention of the American Association of Petroleum Geologists being held in Texas May 19-22, followed last month’s sortie in Singapore.

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The DOE plans to follow through with further stops elsewhere in North America as well as in South America and the Middle East.

“The DOE remains committed (to raise) energy independence, security and sustainability through effective and reasonable development of all indigenous energy resources in the Philippines,” Energy Secretary Alfonso G. Cusi said in a statement.

Headed by Undersecretary Donato D. Marcos, the DOE team in Texas will conduct one-on-one meetings with various petroleum exploration companies.

So far, various investors have filed at the DOE a total of 17 requests for the issuance of Area Clearance covering sites in the Sulu Sea, Recto Bank, Palawan, Quezon, Albay and Mindoro.

Also, the DOE has granted such clearances to three companies, which have submitted their respective letters of intent to formalize their application for a contract.

Further, six companies have viewed and four companies have purchased technical data sets that include seismic lines and well listings.

A total of 16 companies have so far conducted courtesy visits to the DOE for one-on-one meetings regarding the details of the contracting program. —RONNEL W. DOMINGO

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