Madrid, Spain’s energy company Repsol Exploracion S.A. has applied to explore for petroleum in a nominated area in Northeast Palawan which the Department of Energy (DOE) opened on Monday through its Energy Resource Development Bureau (ERDB) under the Philippine Conventional Energy Contracting Program (PCECP).
In a statement, the DOE said Repsol has applied for Nominated Area No. 4 and was “the only company that submitted the application requirements”.
“We actively welcome all PCECP applications, as each one has the potential to bring us closer to desire to maximize the exploration, development, and utilization of our indigenous energy resources to help us attain energy security and independence,” Energy Secretary Alfonso G. Cusi said.
Further to the technical, legal, and financial “completeness check” from the opening activity, which Repsol passed, the ERDB and the Technical Working Group composed of the DOE’s Legal Services and Financial Services will further conduct a substantive evaluation of Repsol’s proposal within 15 working days.
To help attain energy security, as well as cushion the country from the volatility of global oil price markets, the DOE established the PCECP to help reinvigorate petroleum exploration and development activities in the Philippines.
The PCECP Department Circular (DC No. 2017-12-0017) was signed on December 27, 2017, and the acceptance of nominations began in February 2018. Meanwhile, the first batch of Pre-Determined Areas was launched on November 22, 2018.