50 groups target BARMM prospects
‘I encourage you to further evaluate these petroleum potentials. We have the best contractual terms to offer that could match and compete with other countries’
‘I encourage you to further evaluate these petroleum potentials. We have the best contractual terms to offer that could match and compete with other countries’
The first-ever bidding for petroleum and coal exploration and development in the Bangsamoro Autonomous Region in Muslim Mindanao, or BARMM, has attracted around 50 local and international companies.
The Department of Energy, or DoE, and the Bangsamoro Ministry of Environment, Natural Resources and Energy, or MENRE, jointly unveiled four pre-determined areas, or PDAs, for coal and petroleum exploration on Monday.
“We are very pleased that known oil and gas exploration and production players in Asia, North America, and Europe, including local players, have come to this event and displayed a keen interest in evaluating our country’s petroleum potential,” Energy Undersecretary Alessandro Sales said.
“I encourage you to further evaluate these petroleum potentials. We have the best contractual terms to offer that could match and compete with other countries,” Sales added.
Of the four PDAs, three are for petroleum explorations in Cotabato City and the provinces of Lanao del Sur, Maguindanao del Norte, and Maguindanao del Norte. The area covers 229,240 hectares and is situated in the Cotabato Basin.
Fuel search deal
The sole PDA for coal exploration, on the other hand, is located in Kapai and Tagoloan, Lanao del Sur covering a total area of 14,856 hectares.
Petroleum exploration in the basin dates back to the presence of oil in a water well drilled in Datu Piang, Maguindanao del Sur in 1916.
A total of 14 wells have been drilled in the area, 10 of which had oil and gas shows.
According to DoE, applicants must have experience from exploration and field development in similar areas and the necessary risk capital and financial capability to explore and develop.
Companies may already submit their Petroleum Service Contract, or PSC, application within the prescribed 180-day application period, while Coal Operating Contract, or COC, applications may be submitted within the next two months.
The DoE has scheduled the issuance of notices of qualification for BARMM COCs on 24 July and on 21 November for BARMM PSCs.
The notices of qualifications for development and production of petroleum, and hydrogen exploration will be announced on 24 September.
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