Davao-based Tycoon Dennis Uy joins the group of Manuel V. Pangilinan (MVP) in eyeing exploration activities in the West Philippine Sea, particularly in the Recto Bank Basin.
Uy’s Udenna Corporation submitted its bid to the Department of Energy (DOE) for Nominated Area Nos. 7 and 8, under the Philippine Conventional Energy Contracting Program (PCECP).
Pangilinan’s PXP Energy Corporation, meanwhile, applied for Area No. 6. MVP had already expressed optimism that the drilling would push through with the Philippine government’s warm relations with China even amid the sea dispute.
All three areas run right by China’s controversial nine-dash line claim, which is why the Department of Foreign Affairs previously suspended petroleum exploration activities.
Energy Sec. Alfonso Cusi cited the government reiteration that the Recto Bank is part of Philippine territory. However, he qualified that the two nations remain in talks to find a viable solution to the suggested “joint exploration activities” in the hotly-contested waters.
Udenna and PXP’s bids were opened recently, together with that of Troika Giant Power Corporation, which intends to explore Area No. 5 located between Mindoro, Panay, and Palawan’s Cuyo Islands.
All three companies’ proposals passed the DOE’s initial checks and will be subject to further evaluation within the next 15 working days.