DOE soon to award $7.5-B worth of new petroleum blocks

[timrev]

By Neil Jerome C. Morales, The Philippine Star
Posted at 09/13/2012 8:00 AM | Updated as of 09/13/2012 8:23 AM

MANILA, Philippines - The Department of Energy (DOE) is a step closer to awarding new petroleum blocks to investors, paving the way for the infusion of as much as $7.5 billion for exploration projects.

Petroleum blocks that received no bids will be offered in a new round of auction next year, a DOE official said.

“The legal, technical and financial teams of the DOE have completed the review,” DOE Undersecretary Jose Layug Jr. said.

The Philippine Energy Contracting Round (PECR) 4 attracted 20 offers for 11 petroleum blocks and 69 bids for 28 coal areas.

In July last year, the DOE launched PECR 4, offering 15 new petroleum exploration projects and 38 coal blocks nationwide that will require around $7.5 billion in investments.

Layug did not disclose how many bids passed the technical evaluation.

PECR 4, the biggest offering of the country so far, comprises three onshore and 12 offshore blocks with a total area of more than 10 million hectares mostly located in Northwest Palawan and East Palawan that are in the West Philippine Sea and Sulu Sea basins.

But areas that received no bids will be auctioned anew next year.

“We will include these in the next PECR,” Layug said.

“Our thrust is to find these resources so every two years we keep on conducting PECRs,” Layug said.

In the past three PECRs, the DOE received only 12 total bids.

However, the DOE targets securing seismic surveys to provide preliminary data on the available resources for petroleum projects that will encourage investors.

“Based on our assessment, the reason why these four [petroleum] areas did not receive any bid is the lack of data, which our prospective bidders were looking for,” Layug said.

For coal, 10 areas that received no bids will be included in the PECR 5 next year.

To date, there are 27 service contracts in the Philippines involving Shell Philippines Exploration, Nido Petroleum and BHP Billiton. However, only the Malampaya and Galoc oil fields are in regular production.

The DOE is pursuing energy independence and sustainability through the development of indigenous energy resources like coal, petroleum and natural gas.

http://www.abs-cbnnews.com/business/...troleum-blocks

[ghosthunter]

Posting Articles (e.g. copy and paste material)

For posting an article in the forums, always include:

• Title
• Author (if available)
• Date and Time (e.g. news articles)
• and most importantly: the SOURCE (web address)

Quote the entire article by using the Quote command:

Usage: [quote]Article[/quote]
Example Usage: [quote]The quick brown fox jumped over the lazy dog.[/quote]
Example Output:

The quick brown fox jumped over the lazy dog.

Click for vBCode command list


Posts/Threads created not in compliance with this will be DELETED, with or without notification and will be issued an infraction.


Again, please take time to read the Tsikot Rules and Regulations.


Questions? Clarifications? Violent Reactions? Please direct your queries here:
http://tsikot.com/forums/showthread.php?t=43559

[uls]

another one of those press releases...

[wowiesy]

Jose Layug Jr? Jay Layug? akala ko inalis na sya as USec ng DOE? altho iba na ang spokesperson na humaharap tuwing taas o baba ng presyo ng langis...

[timrev]

ok yan pag na drill lahat at lagyan ng mga oil rigs para maging mura ang koryente, fuel dito sa pinas...at pang pondo sa modernization plan for our military

[Gumusut_Amige]

ok yan pag na drill lahat at lagyan ng mga oil rigs para maging mura ang koryente, fuel dito sa pinas...at pang pondo sa modernization plan for our military

having new wells in production doesn't equate always to lowering the price of fuel without government subsidies though will spur economic growth faster