DOE to unveil 15 areas for oil and gas exploration

The Department of Energy (DOE) is set to unveil the 15 areas up for exploration for oil and gas through the Fourth Philippine Energy Contracting Round (PECR 4).

The formal launch of the contracting round on June 30, 2011 will comprise of three onshore and 12 offshore blocks with a total area of more than ten million hectares located in Northwest Palawan, East Palawan, and Sulu Sea basins. This year’s contracting round will be the biggest yet offered by the Philippines.

The contracting round is expected to attract investments in oil and gas exploration activities which will contribute to the realization of the country’s energy self-sufficiency level target of 60 percent by 2011.

The PECR 4 is envisioned to address the country’s energy supply through the exploration of local indigenous resources. Harnessing local resources will help the country meet its daily demand and reduce the importation of petroleum and petroleum products.

Independent and large-scale international exploration companies who have attended previous DOE roadshows in Singapore and Australia have already expressed their interest to tender their bid in the various blocks for offer.