The Department of Energy (DOE) says around 50 local and international oil and gas firms are keen on participating in the offering of bids for petroleum, coal, and hydrogen development as well as exploration in the country, especially those in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).
In a report by the Manila Standard, Energy Secretary Raphael Lotilla said that the department is encouraging foreign and local investors to be partners to ensure energy security and guarantee self-sufficiency in the entirety of the country.
Firms who expressed their interest include Baseline Unlimited Inc., The Philodrill Corporation, V1 Countrywide Realty Corporation, PXP Energy Corporation, Helios Aragon PTE Ltd., Western Sulu Gulf Oil Corporation, Asia Axis Inc., ExxonMobil, and Energy China Phils. Branch Office.
Additionally, Prime Energy, Oriental Petroleum and Minerals Corporation, Minsupala Energy and Mineral Resource Development Corporation, Triangle Energy, and Freedom Renewable Energy Corporation also expressed interest.
Meanwhile, DOE Undersecretary Alessandro Sales said that the department would single out applicants based on the potential of the area and is willing to work on a program that would map and measure its potential.
Furthermore, interested applicants should have knowledge in exploration and field developments and be able to gauge the needed risk capital and financial adeptness to explore and develop.
Sales stressed that the country now offers “the best contractual terms” capable of matching and competing with other countries, as key players in North America, Asia, and Europe had shown enthusiasm for the potential of the country to accommodate petroleum.