50 foreign, local firms interested in Philippine energy resources
By Alena Mae S. Flores – February 26, 2024, 8:05 pm
from manilastandard.net
Energy Secretary Raphael Lotilla
The Department of Energy said Monday around 50 local and international oil and gas firms expressed interest in participating in the bidding for coal, petroleum and native hydrogen exploration and development in the country including the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).
These companies include Baseline Unlimited Inc., The Philodrill Corp., Helios Aragon PTE Ltd., V1 Countrywide Realty Corp., Asia Axis Inc., PXP Energy Corp., Western Sulu Gulf Oil Corp., Energy China Phils. Branch Office, ExxonMobil, Prime Energy, Minsupala Energy and Mineral Resource Development Corp., Oriental Petroleum and Minerals Corp., Freedom Renewable Energy Corp. and Triangle Energy.
“We invite local and foreign investors to be our partners in achieving energy security and self-sufficiency in the region and the entire Philippines,” Energy Secretary Raphael Lotilla said during the launch of the petroleum bid round on Monday.
“Some of you might ask, why insist on petroleum and coal? Are we ignoring the renewable energy resources of Bangsamoro? Let me explain that with respect to petroleum and coal, this is a joint responsibility of the national and BARMM government,” Lotilla said.
He said the national government is committed to giving BARMM full support in the development of renewable energy resources of the region.
“As we go one step forward to harnessing these resources, our aspirations of promoting economic growth, generating employment opportunities, and nurturing a thriving business landscape in the region draw even closer,” Lotilla said.
DOE Undersecretary Alessandro Sales said the DOE would select applicants who could demonstrate a good understanding of the possible resource potential of these areas and will carry out a work program that will efficiently map and test its potential.
Applicants should have experience from exploration and field development in similar areas and the necessary risk capital and financial capability to explore and develop.
“We are very pleased that known oil and gas exploration and production players in Asia, North America, and Europe, including local players, have come to this event and displayed a keen interest in evaluating our country’s petroleum potential,” Sales said.
“I encourage you to further evaluate these petroleum potentials. We have the best contractual terms to offer that could match and compete with other countries,” he said.
Lotilla and Minister Akmad Brahim of the Bangsamoro Ministry of Environment, Natural Resources and Energy (MENRE) jointly unveiled four pre-determined areas (PDAs) for coal and petroleum exploration in the BARMM.
The sole PDA for coal exploration is located in Kapai and Tagoloan, Lanao del Sur covering a total area of 14,856 hectares.
