THE Department of Energy (DOE) has given all interested parties until next week to submit their bids in the ongoing 5th Philippine Energy Contracting Round (PECR 5) for petroleum.
Energy Undersecretary Zenaida Monsada, chair of the Review and Evaluation Committee (REC) overseeing PECR 5, said interested parties can submit their bids until June 30 (Tuesday).
She said the PECR is a transparent and competitive system of awarding service contracts for petroleum prospective areas.
“The contract round is the fifth for petroleum and we are offering eleven areas with a total area of about 4.8 million hectares,” said Monsada.
The Department of Energy (DOE) said the last day of acceptance and opening of PECR5 applications is on Tuesday while the opening of applications will commence at 1:30 p.m. on the same day.
Monsada said the REC will still conduct an evaluation to enable potential proponents to review and prepare the necessary documents and requirements needed.
The REC identifies prospective petroleum and coal areas within Philippine territory.
From the original target date of March 31, the DOE had moved deadline for accepting and opening PERC applications to June 30 while the endorsement of winning applicants was moved to September 4 from the earlier date of June 4.
At least six companies have already secured their own data packs, according to Energy Secretary Carlos Jericho L. Petilla.
He also expressed confidence that PECR 5 is likely to attract more investors because of the country’s fiscal policies which are advantageous on their part.
The PECR-5 Circular issued 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 to local and foreign investors.