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MANILA – Three investor groups have submitted bids for petroleum blocks located offshore northwest of Palawan that will be auctioned off next month, the Department of Energy said.
Undersecretary Jose M. Layug, Jr. said the three oil and gas blocks were part of the 15 service contracts originally scheduled for auction in April.
Layug did not disclose the identities of the groups, but said some of them formed consortia for their respective bids.
The DOE moved the bidding for the three petroleum blocks to July because of the volume of data it received from potential bidders that require processing.
The three areas are located near the Recto Bank, which contains the Sampaguita gas field, said to be on a par or if not bigger than the country's largest natural gas producer to date, the Malampaya field.
Based on the DOE's bidding guidelines, interested groups would have to offer a work program that would best those of the other bidders.
For example, they would have to specify how many exploration wells they can drill in the contract area. The most number of committed wells would then top the bid for a service contract.
Layug said the DOE is set to complete by this month the technical evaluation of the 12 service contracts auctioned off in April.
The DOE accepted nine out of the 16 bids for the said petroleum blocks located in East Palawan, Cotabato and the Sulu Sea.
The companies whose bids were accepted were Forum Pacific Inc., Helios Mining and Energy Corp., Dil Moro Energy Corp., MinEnergy Pty. Ltd., Loyz Oil Pte., Ltd. of Singapore, the joint venture of The Philodrill Corp. and Philex Petroleum Corp., and Mitra Energy Ltd. of Malaysia.
The DOE reconsidered four bids offered by Clean Rock Energy Corp. and Norasian Energy Ltd., a subsidiary of Australian firm Otto Energy Ltd.
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