Colossal’s oil exploration bid nixed

THE Department of Energy (DoE) has formally rejected Colossal Petroleum Corp.’s proposal to explore oil and gas resources in two areas in Palawan province.

On the sidelines of a press conference in Taguig City, Energy Resource Development Bureau Director Ismael Ocampo said the department canceled the awarding of a petroleum service contract to the company as the latter’s bid “did not prosper” on account of a Commission on Audit (CoA) decision on a tax issue involving the group behind the Malampaya gas field.