DOE sticks to providing incentives as oil, gas sectors draw investors - BusinessMirror

ENERGY Secretary Raphael Lotilla said the agency’s commitment to preserve and maintain investment incentives for service contractors under Presidential Decree 87 has been met with renewed confidence and strong interest by local and foreign investors in the oil and gas sector.

“The new entrant is committed to maximize the utilization of the remaining natural gas in the Malampaya-Camago reservoir to develop the nearby gas fields. We see natural gas as a transition fuel to low carbon fuel,” said Lotilla. Department Circular 2022-11-0034 prescribes the amendments to Section 19 of the implementing rules and regulations of the Renewable Energy Act of 2008 . The circular is already in effect.

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