The Energy Department plans to bid out 14 areas for oil and gas exploration under the Philippine Conventional Energy Contracting Program early next year.
Energy Undersecretary Donato Marcos said a roadshow was ongoing in Singapore to attract investors and interested service contractors for the 14 areas.
“We have a one on one meeting with all the interested service contractors or investors because we are talking and discussing the 14 pre-determined areas which will be bidded early next year,” Marcos said.
Marcos said the agency came out with a two-pronged approach to entice investors to participate in the PCECP.
The first involves the DoE coming out with the pre-determined areas and bidding it out to investors, while the second approach involves the investors nominating frontier areas and opening it to Swiss Challenge.