Philippines: DOE sets international roadshow for upcoming Philippine Energy Contracting Round (PECR) 4
23 May 2011
The Department of Energy (DOE) will hold a series of international roadshows for the upcoming Philippine Energy Contracting Round (PECR) 4 in the US & Europe, and investment roadshows in Singapore and Australia, according to Energy Secretary Jose Rene Almendras where the DOE will encourage more investors to participate in the bidding process for the oil and gas exploration areas in the country.
'The bidders need to prove their competency, we would like to reiterate that PECR is not about money, but also competency and quality work program – our job is to accelerate the development,' he said.
The DOE is set to bid out 15 new oil and gas exploration areas, mostly near South China Sea and Sulu Sea, by June 30 under the PECR 4. Among these areas are: Area 1 in Cagayan; Area 2 in Central Luzon; Area 3 in Northwest Palawan; Area 4 Northwest Palawan; Area 5 Northwest Palawan; Area 6 in Mindoro Cuyo; Area 7 in Mindoro Cuyo; Area 8 in East Palawan; Area 9 in East Palawan; Area 10 in East Palawan; Area 11 in Cotabato; Area 12 in Cotabato; Area 13 in East Palawan; Area 14 in East Palawan and Area 15 in Sulu Sea.
The licensing round will be launched in June 2011.
The government has been very aggressive in discovering new oil reserves in the Philippine waters to augment current oil supply.
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