Philippines revs up efforts to lure oil-industry investors

MANILA, April 1 (Xinhua) -- Officials from the Philippine Department of Energy (DOE) are revving up efforts to lure downstream petroleum-industry players to invest in the Philippines, the DOE said on Monday.

The DOE said it will kick-off the first Philippine Conventional Energy Contracting Program (PCECP) International Road Show for 2019 at the Southeast Asian Petroleum Exploration Society (SEAPEX) Exploration Conference and Farmout Forum in Singapore on April 2-5.

These will be followed by road shows in the United States, Canada, Abu Dhabi of the United Arab Emirates, and Argentina, the DOE said.

"For an Energy-secure future, the DOE is committed to establishing a strong 'Explore, Explore, Explore' program by harnessing indigenous Energy resources. It is urgent that we intensify our exploration and development activities," Energy Secretary Alfonso Cusi said in a statement.

Cusi stressed the need for the Philippines to become Energy self-sufficient, "so we are better protected from international price market volatilities."

The SEAPEX Exploration Conference is one of the largest gatherings for upstream oil and gas industry professionals and investors operating in the region.

The DOE delegation led by Assistant Secretary Leonido Pulido will present at the plenary session of the conference and conduct one-on-one meetings with various petroleum exploration companies.

Under the PCECP guidelines, interested parties must comply with the legal, financial and technical requirements, which include the proposed work program for the selected contract area. All accepted applications shall be evaluated by the DOE Centralized Review and Evaluation Committee based on the criteria set by the department.

At present, the DOE said there are 23 active petroleum service contracts in the Philippines.

Cusi earlier said the Philippines is "grossly trailing behind" its neighbors in terms of petroleum exploration and development activities. It is high time for the Philippines to step up its efforts to attain Energy security and sustainability to minimize the country's vulnerability to global oil prices shocks, he added.