SOME exploration companies are expected to shelve their plans to explore petroleum resources in the Philippines for about a year as the world continues to grapple with the impact of the coronavirus disease 2019 pandemic, according to the Department of Energy .
Nonetheless, the Energy department is continuously pushing for the expedition of the exploration work to ensure availability of power supply in the country. Under the PCECP, prospective investors are provided with two modes of application. Entities may either submit a bid for the 14 pre-determined areas identified by the government through the DoE or nominate and publish other areas of interest.
The DoE had received proposals and sought counter bids to develop oil and gas areas from undisclosed entities.
Source: News Formal (newsformal.com)
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