In a move to lure more investors to join the fifth Philippine Energy Contracting Round (PECR-5), the Department of Energy (DOE) may extend the deadline for the submission of applications for petroleum areas.
Energy Secretary Carlos Jericho Petilla said the deadline is currently March 31 of next year, but the agency is likely to extend it by about two months.
“It [the new deadline]could be end of May to early June so that they will have time to work on their data,” he said.
Petilla said the final date will be discussed by the Review and Evaluation Committee (REC), which identifies the prospective petroleum and coal areas within the Philippine territory.
To date, the DOE chief said at least six companies have secured their own data packs.
“They [prospective investors]are very upbeat about the Philippines not only because we have abundant resources but also because the fiscal policies here are advantageous,” Petilla said.
Petilla also indicated awards to winning bidders for coal development may happen soon.
“As far as the coal is concerned, I think I’m about to sign the winning bidders,” he added.
The PECR-5 Circular issued earlier by the DOE reiterates the government’s promotion of the exploration, development, and production of the country’s indigenous petroleum and coal resources through a transparent and competitive system for awarding service and operating contracts with local and foreign investors.
Petilla said that the PECR “will help lessen our dependence on oil and coal imports by tapping available indigenous energy resources.”
“The DOE is committed to maintaining economic growth by ensuring and sustaining investors’ interest in the upstream energy projects in the country,” added Petilla.