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THE DEPARTMENT of Energy (DOE) has firmed up the new schedule for the bidding for oil exploration contracts under the fifth Philippine Energy Contracting Round (PECR5), with the promise that new data will be made available to potential investors.

DOE Undersecretary Zenaida Monsada said the revised timeline would enable the potential applicants for oil and gas exploration areas to study information from recent marine seismic surveys for processing and interpretation.

“Additional data will be made available in February 2015,” she said.

It may be recalled that, last year, the government allowed a third party company to survey PECR5 oil blocks at no cost to the state and to offer data kits to potential proponents.

When the DOE launched PECR5 in May 2014, it originally set the deadline for submission of bids for petroleum exploration areas on Feb. 27, 2015.

This was later extended to March 31 and now to June 30 at 11 a.m.

The PECR applications will start at 1:30 p.m., also on June 30.

The winning proponents will be announced on Sept. 4 (moved from June 4).

The endorsed companies will be awarded oil/gas exploration and development contracts by the DOE.

PECR is regularly held to develop and monetize local energy sources.

PECR5, including five blocks in the West Philippine Sea, is expected to generate at least P7.23 billion in petroleum exploration investments and at least P150 million in coal exploration investments.

Oil industry experts say that unconventional oil exploration areas such as the Philippines tend to become unattractive for new ventures when oil prices are low—and prices have been falling since last year—but the DOE remains optimistic.

“It will take them (oil field developers) years and they are actually looking at the fact that the oil prices will not remain where they are,” Energy Secretary Carlos Jericho L. Petilla said.

The PECR5 offers 11 areas for petroleum exploration (mostly located in Luzon) and 15 areas for coal exploration (mostly in Mindanao).

Last year, the bidding for the coal areas under PECR5 was right on schedule and sites were awarded in December 2014.

“The materialization of these indigenous energy service contracts, if proven productive, can limit the effects of the world fuel prices in our domestic economy. That is why we aim to increase the awarded contracts to benefit from the actual turnout of energy investments,” Petilla said.

PECR4 last 2011 resulted in the awarding of one petroleum service contract in Mindoro Basin-Cuyo platform and two from the Northwest Palawan basin.

Eleven coal contracts, mostly located in Mindanao, were awarded as well.

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