PH to start wooing foreign investors on petroleum bid round

By end-August, the Philippines will formally kick-start its international petroleum contracting roadshow in Singapore, touted as Asia’s financial capital and where most of the multinational companies have set up regional headquarters.

The Department of Energy (DOE) will have its official team to do one-on-one discussion with prospective investors that will show interest on the petroleum blocks to be offered.

According to Energy Undersecretary Donato D. Marcos, the roadshow will run for three to four days starting August 28September 1 this year

In the Singapore roadshow, energy officials will discuss the technical, financial and legal aspects of the contracting program, as well as the incentives and benefits “of a prospective partnership under a uniquely rewarding exploration fiscal regime in the Philippines,” the department said.

Energy Secretary Alfonso G. Cusi expressed optimism that foreign investors will take a look and seriously consider flowing capital into exploring and developing the petroleum resources that the Philippines can potentially yield.

The recently modified Philippine Conventional Energy Contracting Program (PCECP) has lined up 14 petroleum blocks for tender to interested parties.

According to the energy department, these are predominantly located offshore in the “relatively unexplored East Palawan, Sulu Sea and West Luzon basins where significant petroleum accumulations are yet to be discovered.”

For the onshore blocks – which form part of the balance of the contracting offer, these are “near oil wells that have flowed oil and/or gas in the past.”

With its scheduled fresh round of tender, the DOE indicated optimism that “significant petroleum reserves in commercial quantities shall be made under an improved licensing system.”