The Department of Energy (DOE) said it expects strong investor interest in the bidding for petroleum and hydrogen service contracts in Palawan, Visayas, Luzon and the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) on Aug. 27, 2024 at the Dusit Thani Manila in Makati City.
“The DOE and our BARMM counterparts are optimistic that the momentum built through our recent promotional efforts and roadshows will result in a strong turnout of applications for our PDAs and the successful awarding of petroleum service contracts,” DOE Undersecretary Alessandro Sales said in a statement.
“We continue to welcome partners who are committed to driving wealth creation in line with the energy transition and sustainable development,” Sales said.
The BARMM and Philippine bid rounds will feature three pre-determined areas (PDAs) for petroleum exploration in the BARMM, two PDAs for petroleum development and production and two PDAs for native hydrogen exploration—marking the world’s first offering for native hydrogen exploration.
The DOE and the Ministry of Environment, Natural Resources and Energy (MENRE) launched the first conventional energy bid round for BARMM and the 2024 Philippine energy bid round on Feb. 26, 2024 which offered four PDAs for investment, exploration, development and production of the BARMM’s indigenous resources; two PDAs for the development and production of petroleum in Northern Palawan and Southern Cebu basins; and two PDAs for native hydrogen exploration in Central Luzon under the 2024 Philippine Bid Round.
“This milestone represents a significant leap forward for the country’s upstream petroleum industry,” Sales said.
It underscores the strong collaboration between the national government and the Bangsamoro government, with the shared goal of awarding petroleum service contracts to qualified applicants who will team up in the development of the BARMM’s energy resources.
The DOE aims to develop and utilize stranded petroleum reserves in the Calauit Field in Northwest Palawan and the Alegria Field in Cebu.
The DOE said the accepted application documents would undergo a completeness check to determine their eligibility for further legal, technical and financial evaluations.
It said interested parties have until 11 a.m. on Aug. 27, 2024 to submit their application documents.
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