| THE Department of Energy (DOE) said Thursday the 2006 Philippine Energy Contracting Round (PECR) has garnered firm expressions of interest from 20 local and international upstream companies.
Upon closing of the 2006 PECR application period on Wednesday, more than 20 local and international upstream companies have evaluated the investment opportunities for coal, geothermal and petroleum exploration and development during the period of investment promotions.
According to DOE it has received bid proposals for all the nine areas that were offered for the petroleum exploration and development.
“We are very pleased that a number of local and international upstream companies have expressed keen interest in participating in the exploration and development of the country’s coal, geothermal and petroleum resources.
The proposals submitted will now be reviewed by the DOE on the basis of work program, financial and technical qualifications of contractors, among others,” said Energy Undersecretary Guillermo R. Balce.
In December 2006, the DOE opened for bidding promising sites for coal, geothermal and petroleum exploration and development. Fourteen areas were offered for exploration, development and production of the country’s coal resources.
These areas located in Quezon, Negros Occidental, Cebu, Surigao del Norte, Surigao del Sur, Agusan del Sur, Davao Oriental and Zamboanga Sibugay have a total resource potential of 421 million metric tons (MMT) of coal.
For geothermal, three areas for exploration, development and/or direct utilization for power generation use and other geothermal applications were offered that are located in Batangas, Biliran and Compostela Valley have a combined potential generation of about 100 megawatts.
Lastly, nine contract areas covering a total of 71,357.30 sq. km located within the prospective basins of East Palawan and Mindoro-Coyo, and in the promising basins of Cagayan, Central Luzon, Visayas and Agusan-Davao were offered for petroleum exploration.
Following the submission of the bids, the DOE will start with the technical, legal and financial evaluation. Disclosure of the names and the number of companies that actually submitted their proposals will follow in accordance with the PECR guidelines.
The awarding of contracts is expected before the end of 2007.
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