Investors keen on drilling for oil and gas – DOE
The Department of Energy has formally launched the Philippine Conventional Energy Contracting Program (PCECP). DOE Secretary Alfonso G. Cusi said that the "keen interest which many investors expressed in exploring oil and gas in the Philippines" augurs well for the country’s development and energy security. The PCECP is a program that offers 14 pre-determined areas. The option for investors to propose their own exploration area, making oil and gas exploration a dynamic investment prospect for players in the energy sector. The PCECP provides a more investor-friendly environment which is consistent with the directions set by President Rodrigo Duterte. In October, President Rodrigo Duterte signed the Service Contract No. 76, covering Area 4 of Eastern Palawan. This was awarded to Israeli firm Ratio Petroleum Ltd. signaling the push to revive the country’s upstream petroleum industry. (Source: doe.gov.ph, 25 November 2018)
More oil exploration activities in PH pushed
MANILA -- Top management of Shell Philippines Exploration B.V. (SPEX), operator and developer of the Malampaya deep water gas-to-power project, said more effort should be put in oil exploration activities to ensure steady energy supply for the country in the future.
During the Energy Smart Philippines 2018 of the European Chamber of Commerce of the Philippines, SPEX Chief Financial Officer Lorelie Quiambao Osial said the local upstream industry has been on a steady decline in terms of exploration activities since 2010. Quiambao Osial added that with sparse drilling activities, the Philippines is behind its Asian neighbors in finding new hydrocarbon reserves. She added that another gas field in the country, complementing indigenous energy sources such as hydro, geothermal, solar, coal, and renewables, will lead to energy security. (Source: pna.gov.ph, 25 October 2018)
New oil, gas field discovered off¬ Southern Cebu
A new gas and oil source will soon be tapped after the Department of Energy (DOE) declared the Alegria Oil Field in Southern Cebu to have commercial quantities of natural gas and oil resources. In a statement, the DOE said Energy Secretary Alfonso Cusi has signed the Joint Declaration of Commerciality (JDC) with service contractor China International Mining Petroleum Co. Ltd. CIMP Co. Ltd. holds Petroleum Service Contract (SC) 49, which covers the Alegria Oil Field. DOE said exploration and drilling activities on the oil field by the service contractor started in 2009. (Source: philstar.com, 16 March 2018)