THE GOVERNMENT is set to conduct the first bidding for the exploration of conventional fuels in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), the Energy department said.
The Department of Energy (DoE) and the Ministry of Environment, Natural Resources, and Energy (MENRE) of BARMM will offer four predetermined areas (PDAs) for investment, exploration, and production of the region’s indigenous resources.
“The resources identified in the BARMM area are enormous assets that we can fully develop. As we go another step forward to harnessing these assets, our aspirations for promoting economic growth, generating employment opportunities, and nurture a thriving business landscape in the region are even closer to realization,” Energy Secretary Raphael P.M. Lotilla said in a statement.
The Energy department has yet to specify the PDAs up for bidding.
In July last year, the DoE and the BARMM’s MENRE signed the Intergovernmental Energy Board (IEB) circular on the joint award of petroleum service contracts and coal operating contracts.
Specifically, the IEB circular “jointly grant rights, privileges, and concessions for the exploration, development, and utilization of uranium and fossil fuels such as petroleum, natural gas, and coal within the territorial jurisdiction of the Bangsamoro.”
The DoE is also inviting oil and gas companies to participate in its competitive bidding for the right to explore and develop specific acreage within the country.
Under the “2024 Philippine Bid Round,” the DoE said it will offer two PDAs for the development and production of petroleum with “confirmed resources” in northwest Palawan and southern Cebu basins and two PDAs for native hydrogen exploration in Central Luzon.
The bidding seeks to facilitate efficient oil and gas exploration and ensure responsible resource management.
Both biddings will be launched on Monday, Feb. 26.
“The Philippines holds immense potential for energy exploration that could contribute to the country’s energy security and unlock opportunities for economic growth in the area where these resources are located,” the DoE said.
“Given this, the DOE continues to pursue more gas exploration, including the exploration, development, and production of native hydrogen, which can serve as a transition fuel,” it added. — Sheldeen Joy Talavera