August 24, 2024 | 12:00am
MANILA, Philippines — The government is expecting warm investor interest in the inaugural bid round for the exploration of conventional fuels in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).
The Department of Energy and the Ministry of Environment, Natural Resources and Energy are currently offering three predetermined areas (PDAs) for petroleum exploration in the BARMM.
Energy Undersecretary Alessandro Sales said the DOE and the BARMM anticipate a “strong turnout of applications for our PDAs” amid recent roadshows and marketing initiatives.
“We continue to welcome partners who are committed to driving wealth creation in line with the energy transition and sustainable development,” he said.
Energy Secretary Raphael Lotilla earlier described the resources identified in the BARMM area “as enormous assets that we can fully develop.”
“As we go another step forward to harnessing these assets, our aspirations for promoting economic growth, generating employment opportunities and nurturing a thriving business landscape in the region are even closer to realization,” Lotilla added.
The DOE has also renewed calls for oil and gas companies to take part in the competitive bidding for the exploration and development of resources across the country.
The 2024 Philippine Bid Round features two PDAs for petroleum development and production in the northern Palawan and southern Cebu basins, as well as two PDAs for native hydrogen exploration in Central Luzon.
Interested parties may submit their application documents for the BARMM and the Philippine bid rounds until 11 a.m. on Aug. 27.
On the same day, the accepted application documents will be opened and will “undergo a completeness check to determine their eligibility for further legal, technical and financial evaluations,” the DOE noted.
According to Sales, the bidding round will provide a major boost to the country’s upstream petroleum industry.
This, he added, also demonstrated the strong partnership between the national government and the Bangsamoro government, with the shared goal of developing BARMM’s energy resources.
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