MAKATI CITY — The Department of Energy (DOE) of the Philippines announced on Wednesday that it has received eight bids from various local and foreign companies interested in exploring indigenous energy resources. This marks a significant uptick in interest compared to previous years, spotlighting the 1st Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) Conventional Energy Bid Round and the 2024 Philippine Bid Round.
According to Philippines News Agency, this year’s bidding has attracted well-known international players in hydrogen and petroleum exploration, reflecting a robust global interest in the Philippines’ energy sector. The DOE noted that this is the highest number of valid bids received for pre-determined areas (PDAs) since the Philippine Energy Contracting Round (PECR) in 2015, which saw five applications.
The bid opening event took place in Makati City, focusing on three PDAs for petroleum exploration under the BARMM bid round, with one bid each for the Cotabato Basin and two separate areas in the Sulu Sea Basin. Additionally, the Philippine Bid Round for natural hydrogen exploration in Central Luzon received five applications across two PDAs. However, one bid for petroleum exploration at the Alegria Field was disqualified due to incomplete documentation.
The DOE indicated that the next phase would involve evaluating these applications to potentially convert them into service contracts. Undersecretary Sales emphasized the strategic importance of initiating these explorations, which he described as a transformative journey that could extend over several years, noting the lack of significant exploration activities in the country over the past 15 years.