DOE EVALUATING BIDS FOR OIL PROJECTS
The Department of Energy (DoE) will be evaluating the proposals of the seven companies that submitted their bids on Monday to develop various areas in the country that have huge potential to produce oil or gas.
DoE Assistant Secretary Leonido J Pulido III, who presided the petroleum bid opening, said the agency has allocated a 15day period to evaluate the proposals before awarding the projects to the successful bidders.
Seven companies submitted bids offered for the nominated areas under the Philippine Conventional Energy Contracting Program (PCECP). There were four firm-takers for e 14 pre-determined areas (PDA) and three bidders that presented proposals to develop oil and gas reserves in the Sulu Sea, Ragay Gulf and Northwest Palawan.
Ration Petroleum Limited submitted a bid for East Palawan Basi (Area 3) while Sulu Sea Energy Sources Development Corp. and Estimaulana Global Ventures Co. Inc. tendered proposal for Sulu Sea Basin (Area 6).
On the other hand, Philodrill Corp. and PXP Energy Corp. vied for the Sulu Sea Basin (Area 7). Esmaulana Global Ventures Co. Inc. offered a proposal for Agusan-Davao Basin (Area 10).
For the nominated areas, the Sulu Sea Energy submitted for Sulu Sea Basin; Superior Shipyards, Inc. for Ragay Gulf and Troika Giant Power Corporation for Palawan.
Asec Pulido said only one foreign company, the Ratio Petroleum, had submitted a bid.
The DoE expressed optimism that the biddings would result with another Malampaya, the offshore Palawan project which has been powering five plants in Batangas. Although it has a capacity of 3,211 megawatts, Malampaya’s gas reserves are projected to be depleted between 2022 to 2024.