DOE bolsters call for energy investments, almost ready for PECR

The Energy Department is now polishing off the terms of reference that will serve as a guide for the planned Philippine Energy Contracting Round (PECR). PECR is a public bidding aimed at encouraging companies to invest in the country's energy sector. The government is offering 10 petroleum sites for private-sector development. Energy Undersecretary Ramon Oca said Friday the department is nearing the completion of the terms of the bidding of the new petroleum areas. "It's near. We're just finalizing," he pointed out. The Energy Department will hold the contracting round before the year ends, said Energy Secretary Jose Rene Almendras. "It looks like we can do the contracting round [before the year ends]," Almendras said. Earlier, Oca said the government is bidding out petroleum sites in Palawan, Mindanao, and Central Luzon. "We're still checking if there are protected areas in these sites. If there are protected areas or even sanctuaries, we will have to avoid them to avoid problems," Oca said. Since 2004, the Energy Department has been actively promoting oil and gas exploration to reduce the country's dependence in imported fuels. The contracting round encourages the private sector to participate in the government's energy independence program through transparent and competitive system of awarding service and operating contracts. The contracting round for oil and gas exploration has brought in $455 million worth of investments involving 30 service contracts as of March this year. All existing petroleum service contracts are currently under review by the Aquino administration. —JE/OMG, GMANews.TV