It seems that the glitter of opportunity shines brighter than the political crisis besetting the nation due to the “Floodgate” scandal.

Investor interest in the upstream oil and gas sector continues to grow despite controversies over the flood control outrage, as the Department of Energy (DoE) is being swamped with indications of interest in service contracts following the signing of eight deals last month.

“There’s an interest in upstream, especially after the signing of the eight service contracts. There are three more additions that the DoE worked on. There are three more in the works,” Energy Undersecretary Felix William Fuentebella said.

Thus, the demand for DoE deals shows that investor confidence in the energy sector remains strong, with many recognizing the country’s consistent and stable policy framework.

The predictability of the government’s energy policies continues to attract both local and foreign investors.

Eight new Petroleum Service Contracts (PSCs) worth $207 million were recently awarded, covering a seven-year exploration period in areas that include the Sulu Sea, Cagayan, Cebu, Northwest Palawan, East Palawan and Central Luzon.

It was the country’s largest set of exploration deals, including the world’s first competitive bid round for native hydrogen and petroleum projects co-managed with the Bangsamoro region.

Energy Secretary Sharon S. Garin remains confident in the energy investment outlook, crediting the administration’s emphasis on transparency and accountability for sustaining investor trust.