Energy Secretary Raphael Lotilla —MEG J. ADONIS
To boost economic growth and attract foreign investors, four areas in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) will be up for grabs for exploration and development of indigenous conventional energy resources, including oil and coal.
The Department of Energy (DOE) will conduct its first Conventional Energy Bid Round for BARMM today, Feb. 26.At the same time, the DOE will offer Northwest Palawan and Southern Cebu basins for development and production of petroleum in the 2024 Philippine Bid Round. Two more areas in Central Luzon will also be offered for hydrogen exploration.
The Philippine Bid Round is a government-led process that invites oil and gas companies to participate in competitive bidding for the right to explore and develop specific areas in the country.
It aims to facilitate oil and gas exploration, promote economic growth and ensure “responsible resource management within the nation,” according to the DOE.
“Leveraging on these opportunities, we invite local and foreign investors to be our partners in achieving energy security and self-sufficiency in the region and the entire Philippines,” Energy Secretary Raphael Lotilla said in a statement on Monday.
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