Opening of bids for exploration of Mindoro-Cuyo basin deferred

By Lenie Lectura -April 2, 2020
from Business Mirror

The Department of Energy (DOE) has suspended the deadline for the submission and opening of bid applications to explore petroleum reserves in Mindoro-Cuyo basin.

“In line with the enhanced community quarantine (ECQ) throughout Luzon, the opening of applications for Nominated Area No. 5 (Offshore Mindoro), which was originally scheduled on March 31, 2020, is hereby postponed until further notice,” according to a DOE notice.

The agency said that even with such postponement, “there would be no extension for the deadline for the submission of applications, which remains on 31 March 2020, in accordance with DOE DC2017-12-0017.”

The Mindoro-Cuyo basin is a nominated area submitted by an undisclosed firm.

The identity of the nominating party “cannot be disclosed to protect the integrity of the bidding process,” the DOE had said.

The nomination of an area for exploration is one of the two ways for which investors can participate in the DOE’s Philippine Conventional Energy Contracting Program (PCECP). The process for this option begins by requesting the DOE for an Area Clearance.

PCECP was established to help reinvigorate petroleum exploration and development activities in the Philippines.

The other option is choosing an area from the 14 Pre-Determined Areas (PDAs) offered by the DOE.

The nominated area is subject for counter challenge by other prospective bidder. Deadline for the submission of documents by counter-proponents is set at 60 calendar days from date of publication by the nominating party.

The nominating party published the existence of its application last January 31. Challengers had until March 31 this year to make a counter offer.