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25 Foreign Firms Vying for Oil And Gas Contracts in Philippines

  • Philippines Energy Department said that 25 foreign and local companies have submitted pre qualification documents signifying their interest to participate in the bidding for 15 oil and gas contracts.
  • Energy undersecretary Mr Jay Layug told reporters they expected the number of bidders in the Philippine Energy Contracting Round 4 to increase this week in the run up to the February 29th 2012 deadline.
  • Mr Layug said that "We have so far received 25 applications for 15 areas and a high level of interest in areas located in Palawan."
  • Northwest Palawan is one of the most prolific oil and gas areas in the country and is home to the Malampaya deep water gas to power project, the largest and most successful natural gas industrial project in Philippine history.
  • Interested firms in the latest contracting round include PetroEnergy Resources Corp, Nido Petroluem, PNOC Exploration Corp, MinEnergy, Shell Philippines Exploration BV, Pitkin Petroleum, Dilmoro Energy Corp, Mindanao Asia Int'l Energy and Southernpec.
  • Other companies that have submitted pre qualification documents are Forum Pacific, Planet Gas, Monte Oro Resources, Philex Petroleum, Total, ENI, Calenergy, GDF Suez, Golden Dragon, NorAsian, Kris Energy, Esso, Mitra Energy, Tap Oil, Caranarvon Energy and KRX Energy.
  • Mr Layug said that "We expect some of them to partner with one another. We also expect the number of players to increase."
  • The government launched in June 2011 15 oil and gas exploration areas under PECR 4, which is estimated to generate investments of USD 500 million for each area or for a total of USD 7.5 billion.
  • The petroleum contracting round offers three onshore and 12 offshore blocks with total area of over 10 million hectares located in Northwest Palawan, East Palawan, and Sulu Sea basins.

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