Energy Dept to bid out govt’s petroleum and coal sites before 2010 ends

The Energy Department on Friday announced it is bidding out some of the government’s petroleum and coal sites before the year ends. This move of the government is part of the 2010 Philippine Energy Contracting Round (PECR), a public bidding aimed at encouraging companies to invest in the country’s energy sector. “We will have a new round of [petroleum] offering before the end of the year. These are onshore and offshore areas," Energy Secretary Jose Rene Almendras told reporters. “Our goal is to speed up the development of energy resources," he added. Energy Secretary Ramon Oca said in August the government is offering 10 petroleum sites for private-sector development. Among the sites that will be offered are Palawan, Mindanao, and Central Luzon. The Energy Department has been actively promoting oil and gas exploration since 2004 to reduce the country’s dependence on imported fuels. The department is conducting the PECR to ensure the country’s energy security. It will offer a separate contracting round for geothermal and coal areas, the Energy Department said. The department said 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 to determine the compliance of investors to the terms and conditions of their respective contracts. -- JE/OMG, GMANews.TV