DRILLING CONTRACTS UP
The Department of Energy (DOE), through its Energy Resource Development Bureau (ERDB), opened the submitted applications for Nominated Area No. 5, located in Offshore Mindoro Basin, and Nominated Areas No. 6, 7 and 8, located at the Recto Bank Basin within the West Philippine Sea, under the Philippine Conventional Energy Contracting Program (PCECP) last September 14 at the agency’s headquarters.
“As quarantine restrictions gradually ease, we actively welcome all PCECP applications that will help us maximize the exploration, development, and utilization of our indigenous energy resources to help us attain energy security and independence,” Energy Secretary Alfonso G. Cusi said.
Three companies submitted applications, namely Troika Giant Power Corporation for Area No. 5; PXP Energy Corporation for Area No. 6; and Udenna Corporation for Areas No. 7 and 8.
All three companies passed the technical, legal, and financial “completeness check” conducted in yesterday’s opening activity. The DOE-ERDB, together with the Technical Working Group composed of the DOE’s Legal Services and Financial Services, will conduct further substantive evaluations of the proposals within fifteen (15) working days.
To help attain energy security, as well as cushion the country from the volatility of global oil price markets, the DOE established the PCECP to help reinvigorate petroleum exploration and development activities in the Philippines.
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