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MANILA - Philex Petroleum Corp. will bid for two of the three petroleum blocks that the Department of Energy will auction off on July 31.
Manuel V. Pangilinan, Philex Petroleum chairman, said the company, along with UK-based Pitkin Petroleum Plc. and The Philodrill Corp., will bid for areas four and five in offshore Northwest Palawan.
"It's our own educated guess that there could be potential deposits, but at the end we don't know," Pangilinan said.
The group has no plan of tendering an offer for area three because of "our initial impression is that it has been surveyed quite a bit already in so far as produced negative results but of course in the end we don't know,” he said.
"We feel we have a better chance. Four and five could be better prospects," he added.
The DOE lined up an initial 15 petroleum contracts in the Philippine Energy Contracting Round last April but moved the opening of bids for three areas in offshore Northwest Palawan to July because of the large volume of data received from potential bidders
The three areas that will be auctioned off tomorrow are located near the Sampaguita gas field in the West Philippine Sea that China is also claiming.
The petroleum block is said to be on a par, if not bigger than the country's largest natural gas producer to date, the Malampaya field, which fuels three power plants that provide over 40 percent of Luzon's electricity.
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