MANILA — The Department of Energy (DOE) has already firmed up August 3 this year as its international roadshow date for the modified petroleum contracting that the Philippine government will be dangling to foreign investors, the Manila Bulletin reports.
Energy Undersecretary Donato D. Marcos noted that all preparations are now underway for the initial promotional activity they will be holding in Southeast Asia’s finance and trade center. This has been deferred from the initial June schedule.
Marcos said this will cover the 14 pre-determined areas (PDAs) that they will be offering to prospective takers of service contracts.
He added that the details of the roadshow program as well as the propounded soft launch of the Philippine Conventional Energy Contracting Program (PCECP) in Singapore “will have to be presented to Secretary Alfonso G. Cusi this week for his final approval.”
One-on-one discussions will also be held with the investors who are keen enough to advance their interests into the country’s upstream petroleum sector.
Depending on the outcome of the roadshow, the energy official said they will calendar the next ones in Australia, the United States, and the United Kingdom.
Prior to the Singapore offer of the Philippine petroleum blocks, Marcos indicated that a formal launch of the PCECP shall be carried out first in Manila.
There will be 14 petroleum blocks that the country will offer to prospective service contracts (PSCs) comprising of eight (8) wells that shall entail deep drilling activity, and six wells for shallow drilling.
These targeted service contracts within the four sub-phases of their work program will likely fetch investments totaling more than US$2.0 billion, once scaled to the drilling of up to three wells.
On average, investors in shallow well drilling will likely inject a minimum capital outlay of US$36 million within the targeted seven-year work program, but deep drilling will entail higher capital spending of up to US$100 million per well.