The Department of Energy (DoE), through its Energy Resource Development Bureau (ERDB) on Monday opened an application for Nominated Area No. 4 in Northeast Palawan (yesterday) under the Philippine Conventional Energy Contracting Program (PCECP) at the agency’s headquarters.

“We actively welcome all PCECP applications, as each one has the potential to bring us closer to desire to maximize the exploration, development, and utilization of our indigenous energy resources to help us attain energy security and independence,” Energy Secretary Alfonso Cusi said.

Nominated Area No. 4 was applied for by Repsol Exploracion S.A. (Repsol), and was the only company that submitted the application requirements.

Further to the technical, legal, and financial “completeness check” from yesterday’s opening activity, which Repsol passed, the ERDB, and the Technical Working Group composed of the DoE’s Legal Services and Financial Services, will further conduct substantive evaluation of Repsol’s proposal within 15 working days.

To help attain energy security, as well as cushion the country from the volatility of global oil price markets, the DoE established the PCECP to help reinvigorate petroleum exploration and development activities in the Philippines.

The PCECP Department Circular (DC 2017-12-0017) was signed on 27 December 2017 and the acceptance of nominations began on 7 February 2018.

Meanwhile, the first batch of Pre-Determined Areas was launched on 22 November 2018.