Spanish, UK firms eyeing petroleum ventures in PH
Published Aug 29, 2018 12:00 am
By Myrna M. Velasco
Department of Energy (DOE) logo
(MANILA BULLETIN) SINGAPORE – A giant Spanish energy company and a United Kingdom-headquartered petroleum firm have added to the roll of investors that have been eyeing prospective ventures in the Philippine upstream oil and gas sector. Spain’s Repsol Oil & Gas SEA Pte. Ltd. had been among the latest companies that sought one-on-one meeting with the Department of Energy (DOE) at its week-long roadshow in this city-state relative to the government’s Philippine Conventional Energy Contracting Program. The Spanish multinational firm currently has operations in major Southeast Asian petroleum sector, primarily Indonesia, Malaysia and Vietnam and is keenly looking at investment opportunities in the Philippines. Repsol Oil and Gas Southeast Asia New Ventures Manager Jose Joaquin Martin Bañon primarily raised queries on the timeframe of application and the “challenge process” for nominated petroleum blocks. The company likewise sought clarifications on the extent of data that can be accessed and how it shall be done. In particular, it was asked if there would be 3D data available on the Sulu basin prospect. Further, UK firm Desert Rose Petroleum Limited had likewise been added to the expanding list of interested investors in the Philippine petroleum contracting program – and had similarly sought one-on-one presentation from the DOE. Additionally, in a meeting with the Singapore Malay Chamber of Commerce and Industry (SMCCI), Azhar Othman, vice president of the business organization that has about 650 members, indicated that Singaporean firm Sembcorp has also been looking at prospective energy investments in the Philippines – including in the oil and gas sector. Azrulnizam Shah Bin Sohaimi, executive director of SMCCI, expounded that most of their members can potentially provide support services to upstream petroleum ventures, such as those on gas platforms and even in drilling services. The Singapore-Malay business group similarly sounded off that it will be scheduling a follow through business-to-business matching activity in Manila next year so they can advance or firm up the interest of their members. This is targeted in March next year. The DOE offered both the 14 pre-determined oil and gas blocks that it will formally bid out in October this year; plus, it apprised investors on the submission of unsolicited tenders on petroleum service areas that they may prefer. DOE Geologist Gilbert W. Calangi discussed the incentive scheme for petroleum investments, as well as the criteria on the selection of winning tenders in the pre-determined areas. And while the tax case of the multi-billion dollars Malampaya deep water gas field project is still pending, the DOE still dangled the 60:40 royalty sharing arrangement to prospective investors in this new contracting round. DOE Assistant Secretary Caron Aicitel E. Lascano emphasized that what the Philippine government can promise is for it abiding by and to honor the contracts signed with investors.
Department of Energy (DOE) logo(MANILA BULLETIN) SINGAPORE – A giant Spanish energy company and a United Kingdom-headquartered petroleum firm have added to the roll of investors that have been eyeing prospective ventures in the Philippine upstream oil and gas sector. Spain’s Repsol Oil & Gas SEA Pte. Ltd. had been among the latest companies that sought one-on-one meeting with the Department of Energy (DOE) at its week-long roadshow in this city-state relative to the government’s Philippine Conventional Energy Contracting Program. The Spanish multinational firm currently has operations in major Southeast Asian petroleum sector, primarily Indonesia, Malaysia and Vietnam and is keenly looking at investment opportunities in the Philippines. Repsol Oil and Gas Southeast Asia New Ventures Manager Jose Joaquin Martin Bañon primarily raised queries on the timeframe of application and the “challenge process” for nominated petroleum blocks. The company likewise sought clarifications on the extent of data that can be accessed and how it shall be done. In particular, it was asked if there would be 3D data available on the Sulu basin prospect. Further, UK firm Desert Rose Petroleum Limited had likewise been added to the expanding list of interested investors in the Philippine petroleum contracting program – and had similarly sought one-on-one presentation from the DOE. Additionally, in a meeting with the Singapore Malay Chamber of Commerce and Industry (SMCCI), Azhar Othman, vice president of the business organization that has about 650 members, indicated that Singaporean firm Sembcorp has also been looking at prospective energy investments in the Philippines – including in the oil and gas sector. Azrulnizam Shah Bin Sohaimi, executive director of SMCCI, expounded that most of their members can potentially provide support services to upstream petroleum ventures, such as those on gas platforms and even in drilling services. The Singapore-Malay business group similarly sounded off that it will be scheduling a follow through business-to-business matching activity in Manila next year so they can advance or firm up the interest of their members. This is targeted in March next year. The DOE offered both the 14 pre-determined oil and gas blocks that it will formally bid out in October this year; plus, it apprised investors on the submission of unsolicited tenders on petroleum service areas that they may prefer. DOE Geologist Gilbert W. Calangi discussed the incentive scheme for petroleum investments, as well as the criteria on the selection of winning tenders in the pre-determined areas. And while the tax case of the multi-billion dollars Malampaya deep water gas field project is still pending, the DOE still dangled the 60:40 royalty sharing arrangement to prospective investors in this new contracting round. DOE Assistant Secretary Caron Aicitel E. Lascano emphasized that what the Philippine government can promise is for it abiding by and to honor the contracts signed with investors.