Philippines accepts bids for 5 energy contracts | Inquirer Business

Philippines accepts bids for 5 energy contracts

/ 12:43 PM April 28, 2012

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.

Article continues after this advertisement

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.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

For comprehensive coverage, in-depth analysis, visit our special page for West Philippine Sea updates. Stay informed with articles, videos, and expert opinions.

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

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.