PH awards $207-M power exploration contracts
The government awarded eight new petroleum service contracts on Wednesday, expecting gains of about $207 million in investment commitments.
President Marcos formally awarded the contracts which were considered the “largest batch” in the country’s history, the Department of Energy (DOE) said.
The seven-year exploration deals would cover the Sulu Sea, Cagayan, Cebu, Northwest Palawan, East Palawan, and Central Luzon.
The DOE said activities would include geological and geophysical surveys, such as seismic and aeromagnetic studies, to identify drillable prospects, with the potential to discover both native hydrogen reservoirs and new petroleum fields.
The agency stressed that the contracts had “undergone a transparent and competitive selection process,” ensuring that the players who earned the right to explore the upstream energy sector have financial and technical clout.
The winning proponents include Australian company Triangle Energy (Global), UK-based Sunda Energy Plc., Philippines’ PXP Energy Corp. and The Philodrill Corp., US-based Koloma Inc., Gas 2 Grid Pte. Ltd., Anglo Philippine Holdings Corp., Forum Energy Philippines Corp., and Ratio Petroleum Ltd. of Israel.
Energy Secretary Sharon Garin said the development showed “reinvigorated investor confidence” in the local power sector.
“These service contracts signify not only our determination to secure new energy sources, but also our readiness to embrace innovation and sustainability while reducing import dependence. From conventional petroleum to native hydrogen, we are expanding the frontiers of Philippine energy exploration,” Garin said in a statement.
