The Department of Energy (DOE) is optimistic to maintain renewed and strong investor interest in the Philippine upstream oil and gas sector.
According to a report by the Philippine Star, the DOE assured industry players with sustained stability of legal framework and a level playing field,
Energy Secretary Raphael Lotilla said that the government’s commitment to preserving and maintaining the investment incentives for service contractors under Presidential Decree 87 has been “met with renewed confidence and strong interest by local and foreign investors in the oil and gas sector.”
Lotilla is confident that this will continue as the department reaffirms the economy’s openness to foreign and local investors and assure them the stability of the country’s legal framework, especially in the upstream oil and gas sector.
Nido Petroleum’s site survey under Service Contract (SC) 6B, will be drilling an exploration and appraisal well by next year. Five to six million barrels of oil are expected to be produced under the SC.
Meanwhile, Lotilla mentioned that President Ferdinand Marcos Jr. instructed the DOE and its government partner agencies to ensure a level playing field.
Lotilla also encouraged investors to join the DOE towards “cleaner, greener, reliable, and more sustainable future” of the Philippine energy sector.