Energy dep’t offers Cagayan Basin area for exploration by interested firms

THE ENERGY department is seeking challengers to the application of Triangle Energy Global Ltd. for a petroleum energy service contract in an area within the Cagayan Basin.

In a notice posted on its website on Wednesday, the department gave challengers until early September to submit their bids under the Philippine Conventional Energy Contracting Program (PCECP).

The PCECP is the department’s transparent petroleum service contract awarding mechanism that aims to spur exploration by offering areas with potential oil and gas reserves.

Under the program, companies may also nominate and publish other areas of interest at any time but their application will be subjected to a 60-day challenge period.

Triangle Energy Global, which nominated an area in the Cagayan Basin for exploration, published its application in newspapers on July 6, 2023.

According to the department, interested challengers may submit their applications over the nominated area in line with the prescribed timeline and guidelines.

The Department of Energy (DoE) has set the pre-challenge conference on July 26, or 20 calendar days from the publication date of the nominating party. Challengers are given until Sept. 4 at 11 a.m. to submit relevant documents.

The DoE said counter proponents must complete their application at its Records Management Division and must pay a P1-million application fee.

The PCECP allows the government to develop and utilize indigenous petroleum resources under a service contract with qualified local and international exploration companies. — Ashley Erika O. Jose