MAKATI CITY — Following the opening of bid applications for petroleum exploration in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), the Technical Working Group (TWG) of the Joint Review and Evaluation Committee (J-REC) began the initial substantive evaluation of the submitted Petroleum Service Contract (PSC) applications yesterday, August 29.
The TWG from the National and Bangsamoro Governments scrutinized bid applications from PXP Energy, SundaGas Ltd, Philodrill Corporation, Triangle Energy Global Limited, and DML Mineral Resources Corporation to determine whether they comply with the technical, legal, and financial qualifications for petroleum exploration. These bids already passed the completeness check of requirements that was performed during the bid opening.
MENRE Bangsamoro Director General for Energy Nasiri B. Abas said that “the awarding of Coal Operating Contracts and Petroleum Service Contracts in the BARMM represents a critical step in strengthening our energy security. By leveraging local resources, we seek to establish a reliable and secure energy supply while reducing our dependence on imports. This initiative is vital for advancing a sustainable and self-sufficient energy future for our region.”
To recall, an opening and initial evaluation of bid submissions for coal exploration in BARMM was also conducted during the Energy Bid Round for Coal in May this year.
The BDG added that “these contracts have the capacity to drive economic growth by attracting investments and creating job opportunities. This economic development may result in enhancements to infrastructure and community programs, thereby improving the quality of life for all residents. Our goal is to ensure that the benefits derived from these resources are equitably shared, fostering a more prosperous and stable Bangsamoro for both current and future generations.”
Adhering to the set timeline, the J-REC targets to complete the comprehensive bid evaluation of COC applications in the fourth quarter of 2024 and shall recommend to the Department of Energy Secretary and MENRE Minister for signing and awarding before the end of the year. For the PSCs, both the DOE Secretary and MENRE Minister shall endorse the recommendation to President Ferdinand R. Marcos, Jr. for the signing and awarding of PSCs for the identified Pre-Determined Areas.
Pre-Determined Areas for Petroleum in the BARMM will undergo exploration and development as soon as the PSC is awarded to qualified bidders. Three (3) PDAs were identified during the launching of the Conventional Energy Bid Round—one in the Cotabato Basin and two in the Sulu Sea Basin.
