BARMM opens fuel search
The resources identified in the BARMM area are enormous assets that we can fully develop
Four areas in the Bangsamoro Autonomous Region in Muslim Mindanao, or BARMM, will be open for investment, exploration, development, and production — a move aligned with the government’s plan to augment local indigenous power.
The Department of Energy, or DoE, and the Ministry of Environment, Natural Resources and Energy, or MENRE, will launch today the Conventional Energy Bid Round for the four predetermined areas, or PDAs, in BARMM.
“The resources identified in the BARMM area are enormous assets that we can fully develop,” Energy Secretary Raphael Perpetuo Lotilla said on Sunday.
“As we go another step forward to harnessing these assets, our aspirations for promoting economic growth, generating employment opportunities, and nurturing a thriving business landscape in the region are even closer to realization,” he added.
The Intergovernmental Energy Board Circular on the Joint Award of Petroleum Service Contracts and Coal Operating Contracts in the BARMM was signed in July 2023.
It operationalizes the provision under Section 10, Article XIII of Republic Act 11054 or the Organic Law for BARMM to jointly grant rights, privileges, and concessions for the exploration, development, and utilization of uranium and fossil fuels such as petroleum, natural gas, and coal within the territorial jurisdiction of the Bangsamoro.
Call for investors
Meanwhile, two PDAs for the development and production of petroleum with confirmed resources in Northwest Palawan and Southern Cebu basins and two PDAs for native hydrogen exploration in Central Luzon will be offered under the 2024 Philippine Bid Round.
“Leveraging on these opportunities, we invite local and foreign investors to be our partners in achieving energy security and self-sufficiency in the region and the entire Philippines,” Lotilla said.
The Philippine Bid Round is a government-led process that invites oil and gas companies to participate in competitive bidding for the right to explore and develop specific acreage within the country.
This initiative aims to facilitate efficient oil and gas exploration, promote economic growth, and ensure responsible resource management within the nation.
The Philippines holds immense potential for energy exploration that could contribute to the country’s energy security and unlock opportunities for economic growth in the area where these resources are located.