THE Department of Energy (DOE) is set to evaluate all the submitted bids in the ongoing 5th Philippine Energy Contracting Round (PECR 5) for petroleum.
Energy Undersecretary Zenaida Y. Monsada, chair of the Review and Evaluation Committee (REC) overseeing PECR 5, said the evaluation will enable potential proponents to review and prepare the necessary documents and requirements needed.
“We will proceed as scheduled,” Monsada said in a statement.
She said the department will continue to monitor and spearhead all activities to ensure a successful bidding of the country’s energy rich areas.
The REC identifies the prospective petroleum and coal areas within Philippine territory.
From the original target date of March 31, the DOE moved the last day of accepting and opening PERC applications to June 30 while the endorsement of winning applicants was moved to September 4 from June 4.
At least six companies have already secured their data packs, Energy Secretary Carlos Jericho L. Petilla said earlier.
He also expressed confidence that PECR5 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.