The Department of Energy (DOE) and the Ministry of Environment, Natural Resources and Energy (MENRE) of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) will launch on Feb. 26, 2024) the 1st Conventional Energy Bid Round for BARMM.
The DOE said in a statement over the weekend it would simultaneously launch the 2024 Philippine Bid Round to bring in much-needed investments in the oil and gas industry.
It said four pre-determined areas (PDAs) would be offered for investment, exploration, development and production of the BARMM’s indigenous resources, as mandated by the Intergovernmental Energy Board (IEB).
“This is another milestone for the Ferdinand Marcos Jr. Administration in advancing the development of the BARMM, following the landmark signing of the Intergovernmental Energy Board [IEB] Circular on the joint award of petroleum service contract [PSCs] and coal operating contracts [COCs] in the BARMM area in July 2023,” Energy Secretary Raphael Lotilla said.
“The resources identified in the BARMM area are enormous assets that we can fully develop. As we go another step forward to harnessing these assets, our aspirations for promoting economic growth, generating employment opportunities, and nurture a thriving business landscape in the region are even closer to realization,” he said.
The IEB circular on the joint award of PSCs and COCs in the BARMM was signed on July 6, 2023.
Meanwhile, DOE said 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 would also be offered under the bid round.
The 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 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.