InterAksyon.com means BUSINESS
MANILA – The Department of Energy may hold another auction round for oil and gas contracts that received incomplete or no offers at all.
Secretary Jose Rene D. Almendras said the DOE is set to complete the evaluation of eight petroleum blocks offered to investors during the Philippine Energy Contracting Round last April.
"We may be able to announce results within 60 days. There’s a procedural requirement to review. Syempre kailangan pag labas natin ng resulta we can stand in front of Plaza Miranda and defend bakit ito binigay," he said.
The eight areas auctioned off by the DOE include three, for which offers lacked certain requirements. The DOE allowed the bidders to file a motion for reconsideration, giving them more time to complete the requirements.
Almendras said the department may opt to re-bid the three areas, along with four more that received no offers at all.
"The biggest difficulty has been in compliance. A lot of the companies nagkulang on the submission of documentation so it’s possible we may have to re-offer some of it simply because may mga kulang," he said.
Most of the bidders in the previous PECR were mid-sized oil firms vying service contracts in East Palawan, Sulu Sea, Cotabato, Cagayan and Mindoro.
The DOE lined up an initial 15 oil and gas projects under the PECR but moved the opening of bids for three of the areas in Northwest Palawan to July because of the volume of data it received from potential bidders.
These areas are located near the Recto Bank in the West Philippine Sea, which contains the Sampaguita gas field. The latter is said to be on a par, if not bigger than the country's largest natural gas producer to date, the Malampaya field.
InterAksyon.com means BUSINESS
BUSINESS NEWS
