TAGUIG CITY - As the Department of Energy (DOE) continues to push for energy self-sufficiency and sustainability, the Philippine Conventional Energy Contracting Program (PCECP) will hold the final leg of its international roadshow in Calgary, Canada from 19 to 28 October 2019.
This promotional campaign will be led by Assistant Secretary Leonido J. Pulido III, who, with the DOE’s Technical Team from the Energy Resource Development Bureau (ERDB), will be conducting in-depth meetings with potential energy investors at the Philippine Consulate and their respective headquarters to discuss the merits of the PCECP and the current local investment atmosphere.
Secretary Alfonso G. Cusi said, “We remain focused on our vision of energy self-sufficiency when we embarked on this mission of showing the potential of investing in the Philippine upstream oil and gas industry to the world through the PCECP. The DOE will continue to strive in generating investments so that we can see our true economic potential as a fully secure energized country.”
The flagship energy investment program made its rounds in Singapore, the United States of America, Argentina, and the United Arab Emirates, which has yielded 21 requests for Area Clearance that were submitted by 12 different companies. Of all the requests, 13 were accepted and released. Further, the DOE has received seven Letters of Intent (LOIs) from the companies, where four were approved, requiring applicants to submit documents on the proposed areas to be nominated for petroleum exploration.
As of October 2019, the PCECP has garnered applications for the conduct of petroleum exploration in four of the 14 Pre-Determined Areas (PDAs) included in the opening of bids last August 2019, three of which were recommended to the Secretary for approval along with two of the submitted LOIs.
The DOE has also received Petroleum Service Contract applications, data purchases, and proposals for third party services, such as data management, multi-client seismic surveys, resource assessment, and fiscal terms review, indicating widespread interest as a result of the PCECP campaign.
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