The Philippine National Oil Company – Exploration Corporation’s (PNOC-EC) bid for a nominated area in Malangas, Zamboanga Sibugay has passed the initial completeness check of the technical and financial documentation requirements of the Department of Energy’s (DOE) Philippine Conventional Energy Contracting Program (PCECP) for coal.
Following this development, the Review and Evaluation Committee (REC) Technical Working Group composed of the DOE’s Energy Resource Development Bureau (ERDB), Legal Services, and Financial Services will further assess the application within 11 working days before forwarding the findings to the REC’s chair and vice chair.
The opening activities in coal blocks 42-I-1 and 42-I-2 are milestones in the upstream coal development sector, according to the DOE. This is the first application under the PCECP, where interested companies can nominate areas for exploration of the country’s coal resources.
“Despite the COVID-19 pandemic, the DOE is committed to tap potential energy exploration so the country could further attain its energy security and sustainability,”Energy Sec. Alfonso Cusi said.
“We are pursuing to harness all our indigenous energy resources as we continue to usher in economic progress amidst adversities,” he added.
The DOE has committed to speed up its power and energy projects, including those being handled by the PCECP, to help the economy recover from the impact of the pandemic.
The PCECP was launched by the DOE with the intention of helping the country achieve energy independence through the exploration and development of indigenous energy resources.
Last month, the DOE opened the bid submissions for PCECP-nominated areas for petroleum. Among the companies that submitted bids for projects in the West Philippine Sea are PXP Energy Corporation of business tycoon Manny V. Pangilinan and Udenna Corporation of Davao-based magnate Dennis Uy.