Nine companies applying for new petroleum areas

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Nine companies, including six international and three local exploration firms, submitted applications for petroleum service contracts under the first Bangsamoro Autonomous Region in Muslim Mindanao Conventional Energy Bid Round and the 2024 Philippine Bid Round.

It said six of eight pre-determined areas received valid applications, a significant increase that reflects heightened interest from the industry. “We are very pleased that well-known international players in hydrogen and petroleum exploration and production have shown interest and participated in this year’s bid round,” said DOE Undersecretary Alessandro Sales.

The DOE and the Ministry of Environment, Natural Resources and Energy of the BARMM announced during the opening of application documents on Aug. 27, 2024 at the Dusit Thani Hotel Manila that three applications were received under the 1st BARMM Conventional Energy Bid Round.The DOE said all applications were deemed qualified for further substantive evaluation following an initial completeness check.

 

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