The Department of Energy said it will launch the Philippine Conventional Energy Contracting Program on Thursday to develop the petroleum exploration industry for global competitiveness.
“The DoE is aggressively pursuing the implementation of the PCECP so the country could establish a strong ‘Explore, Explore, Explore’ program. We have been grossly trailing behind our neighbors in terms of petroleum exploration and development activities. It is high time that we step up,” Energy Secretary Alfonso Cusi said.
The PCECP, which will offer 14 pre-determined oil and gas area for exploration and development, will be held at the Shangri-La at the Fort Hotel in Bonifacio Global City, Taguig.
“We need to attain energy security and sustainability to minimize our vulnerability to global oil price shocks. Harnessing our indigenous energy resources would also go far in helping us meet the country’s increasing energy demand as we continue to usher in economic progress,” Cusi said.
The 14 pre-determined areas identified by the DoE include one in Cagayan, three in East Palawan, three in Sulu Sea, two in Agusan-Davao, one in Cotabato and four in West Luzon.
