DOE Accepts Oil, Gas Bids

MANILA, Philippines - The Department of Energy has accepted bids for five oil and gas exploration contracts out of the 16 bids from local and international firms for the 15 oil and gas blocks located between the western coast and the South China Sea.

Energy Undersecretary Jay Layug said $7.5 billion dollars in investments are expected for 15 energy contracts being offered.

He said the accepted bids will be evaluated within 100 workings days and contracts will be awarded within the year. Originally, 38 companies were prequalified. Bidding was opened Friday for 12 contracts. Only nine of 16 bids met requirements for five of the exploration blocks.

Layug said three blocks northwest of Palawan Island up for bidding on July 31 are ''the most prospective'' and more bids are expected for those.

Earlier, the DoE said that its latest Philippine Energy Contracting Round, PECR 4, is the most successful so far as it received 16 bids from local and international firms for the 15 oil and gas blocks on the table.

''We are very happy with the results of the bidding. Today we received 16 bids. This is even more than what we received in previous PECRs which totaled 12 bids. This is the most succesful PECR,'' said Layug.

He noted though that, ''at the end of the day, the measure of success is whether we can find oil and gas.''

Layug said PECR 1 held in 2003 offerd 50 blocks but only one bidder submitted. PECR 2 offered four blocks and got four bids while PECR 3 offered 9 blocks and generated 7 bids.

However, he said that, of the 16 bids received in PECR 4, only 9 were accepted while 7 were rejected due to non-compliance with the requirements set under the PECR.

Four areas did not receive any bid. These areas are Area 6 in Mindoro Cuyo, Area 8 in East Palawan, Area 9 in East Palawan and Area 13 in East Palawan. Layug said these areas will be reviewed and may be bidded out again in the next contracting round.

Area 1 in Cagayan received three bids from Black Swan Resources, Frontier Oil Co. and Planet Gas Ltd. but the three companies failed to fully comply with the requirements of the department.

Area 2 in Central Luzon received a bid from only one bidder, Clean Rock Renewable Energy Resources, but it was also rejected for non-compliance.

Area 7 in Mindoro Cuyo received a bid from NorAsian Energy Philippines Inc., the local unit of Australian firm Otto Energy Ltd., but its bid was also rejected.

Area 10 in East Palawan drew interested from Forum Pacific Inc., whose bid was accepted, while Area 11 in Cotabato received two bids from Forum Pacific and Helios Mining and Energy who were both accepted.

Area 12 also in Cotabato received a bid from three companies of which two were accepted. Dil Moro Energy Corp. and Min Energy Pty. Ltd's bids were accepted while Monte Oro Resources Energy Inc.'s bid was rejected.

Area 14 in East Palawan got a bid from LOYZ Oil Pte. Ltd. and it was accepted.

Area 15 in the Sulu Sea drew the most bids of which the department rejected the bid of NorAsian while three were accepted. These are the bids of Philodrill Corporation and Philex Petroleum Corporation; Mitra Energy Ltd. (with Kuwait Foreign Petroleum Co. and Tap Oil) and Forum Pacific. (AP, James A. Loyola)

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Filipina maid photographs "modern slavery" in Hong Kong

    By Emma Batha LONDON, May 26 (Thomson Reuters Foundation) - A Filipina maid in Hong Kong has published stark photographs of burned and beaten domestic workers to highlight the "modern slavery" she says has long been the city's shameful secret. "Hong Kong is a very modern, successful city but people treat their helpers like slaves," said Xyza Cruz Bacani, whose black and white portraits won her a scholarship from the Magnum Foundation to start studying at New York University this month. It's …

  • Philippines to fly over disputed South China Sea: Aquino
    Philippines to fly over disputed South China Sea: Aquino

    Philippine military and commercial aircraft will keep flying over disputed areas in the South China Sea despite Chinese warnings over the airspace, President Benigno Aquino said on Monday. "We will still fly the routes that we fly based on the international law from the various conventions we entered into," Aquino told reporters when asked whether the Philippines accepted China's position. The Chinese military last week ordered a US Navy P-8 Poseidon surveillance plane away from airspace …

  • ‘Kentex owners still in Phl’
    ‘Kentex owners still in Phl’

    The daughter of one of the Kentex Manufacturing Corp. owners has assured the government that the businessmen are still in the Philippines, contrary to some reports that they have fled the country. Barbara Ang, daughter of Kentex shareholder Veato Ang, said her father and his business partners have no plans of leaving the country despite the razing of the Valenzuela slipper factory, which killed 72 workers on May 13. Valenzuela Mayor Rex Gatchalian also stood by his promise to punish any local …

  • Gasoline prices up, diesel down
    Gasoline prices up, diesel down

    Oil companies announced yesterday a price hike of 50 centavos per liter for gasoline and a rollback of 50 centavos per liter for diesel effective at 6 a.m. today. Independent oil firms were among the first to announce the price adjustment. In an advisory, PTT Philippines, the local subsidiary of Thailand’s biggest oil firm said it cut diesel prices by 50 centavos per liter and increased gasoline prices by 50 centavos per liter. …

  • Lawmakers to review building code provisions
    Lawmakers to review building code provisions

    Lawmakers are set to review provisions of the National Building Code and Republic Act 10121, or the Philippine Disaster Risk Reduction and Management Act, to strengthen contingencies and policies to prepare the country for possible major earthquakes. The move came following proposals from Reps. Winston Castelo of Quezon City and Lito Atienza of the Buhay party-list to review the two laws and other regulations during a hearing of the House committee on Metro Manila development on the …

  • Noy: Phl may attain first world status with continued reforms
    Noy: Phl may attain first world status with continued reforms

    The Philippines’ attaining first world status may soon be imminent if significant reforms initiated by the current administration would be consistently pursued, President Aquino suggested yesterday. “Kung madidiligan ang ating mga pinunla, at makaka-graduate ang mga pinag-aaral natin upang makapasok sa maaayos na trabaho, baka po tuluyan nang nasa first world status tayo sa panahong iyon (If we water the seeds sown and those we sent to school will find better jobs, then time will come that …

  • Phl won’t recognize China air restrictions
    Phl won’t recognize China air restrictions

    The Philippines will not recognize restrictions on air and sea travel set by China in the West Philippine Sea, President Aquino said yesterday. “We will still fly the routes that we fly based on international law and the various conventions, agreements that have been entered into through various decades,” Aquino told reporters in an ambush interview after inspecting the Marikina Elementary School in preparation for the opening of classes in June. “Maybe we should not think about getting …

  • Rainy season likely in 2nd week of June
    Rainy season likely in 2nd week of June

    Filipinos may have to wait until the second or third week of June for rain, the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) said yesterday. Rene Paciente, chief of PAGASA’s marine meteorological services section, said they expect the rainy season to start in the second or third week of June. The criteria for declaring the onset of the rainy season include the prevalence of the southwest monsoon and the 25-millimeter rainfall recorded in at least five …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options