DoE to unveil 15 oil, gas areas for exploration
The Department of Energy (DoE) is set to unveil on Thursday 15 areas for possible oil and gas exploration, as it moves to reduce the country’s dependence on costly imported oil and ensure national energy security.
Through the Fourth Philippine Energy Contracting Round (PECR 4), the government will offer investors contracts to explore and develop three onshore and 12 offshore blocks covering over 10 million hectares in Northwest Palawan, East Palawan and Sulu Sea basins.
“This year’s contracting round will be the biggest yet offered by the Philippines,” the DoE said.
Areas that are expected to generate the most interest are the three blocks in Northwest Palawan, which is home to the Malampaya deep water gas-to-power project, the largest and most successful natural gas industrial project in the country.
Investors are also expected to be keen on five blocks in the Sulu Sea, where petroleum exploration giant Exxonmobil Exploration and Production Philippines B.V. has already drilled four wells.
Three of these four wells have indicated the presence of gas, a report that has further encouraged investors to look more closely at the Philippines for potential petroleum sites.
“The PECR 4 is envisioned to address the country’s energy supply through the exploration of local indigenous resources. Harnessing local resources will help the country meet its daily demand and reduce the importation of petroleum and petroleum products,” the DoE explained.
