The Department of Energy (DOE) has received a total of 14 applications for exploration activities for oil and gas throughout the country.
Speaking at the virtual 16th Energy Investment Forum on Friday, Energy Sec. Alfonso Cusi said that the DOE will be awarding four parties with service contracts before the year ends.
The contracts are under the department’s Philippine Conventional Energy Contracting Program (PCECP), which aims to promote exploration activities in pre-determined and nominated areas with potential energy resources.
The secretary added that all of the DOE’s efforts are part of its goal to increase the share of other energy resources aside from coal.
Coal remains the country’s largest source of electricity, based on latest data from Wholesale Electricity Spot Market. But Cusi said the Philippines remains the leading Southeast Asian country in terms of renewable energy’s (RE) share of the energy mix with 33% as of last year, exceeding the ASEAN (Association of Southeast Asian Nations) target of 23%.
The government also targets to increase RE share in the country’s energy mix to 35% by 2030.
Aside from the PCECP, the government has come up with energy policies to allow more RE investments in to include the moratorium on the building of new coal power plants and the 100% foreign ownership in geothermal energy projects.