By Myrna M. Velasco
To shore up probability that the country can corner much-needed investments, the Department of Energy (DOE) is targeting series of roadshows in at least six countries on its offer of petroleum service contracts (PSCs) under the Philippine Conventional Energy Contracting Program.
According to Energy Secretary Alfonso G. Cusi, the proposed kick-off point of the roadshow is London, United Kingdom by last week of February this year; but he said that’s still up for final approval.
“We are looking at the potential success,” he said, adding that the six proposed international roadshows may not necessarily be pursued all – if the others would already yield favorable outcomes.
Aside from the UK, the other markets eyed by the energy department where it can make its investment pitch for petroleum exploration shall be Houston in the United States; another is the Middle East; and Australia could also be in the roll.
Cusi indicated though that he has yet to approve the ‘roadshow timeline and target markets’ submitted to him by the PCECP team of the DOE.
“I’m still internalizing on it…I just remembered that the first one is London,” the energy chief stressed.
Energy Undersecretary Donato D. Marcos explained that the proposed roadshows are often tied to major international energy conferences and events, “so we can maximize targeting major industry players and service contractors.”
Prior to the formal launch of the PCECP in November last year, the DOE first held two roadshows in Singapore and Cape Town, South Africa to promote the country’s fresh offer of petroleum blocks.
In those same marketing and investment-invitation stints, the energy department promoted two modes of petroleum contracting – one is by ‘nomination’ of a preferred block or service area by the investor; and the other is the offer of 14 pre-determined areas.
For the pre-identified blocks, the submission of proposals had been slated within 180 days from November 22, 2018 – entailing then that the lapse period will be May 2019; while nomination can be done year-round.
The Duterte administration is giving an aggressive push on this new round of contracting because the country’s major commercial gas field Malampaya is already facing production decline in the next 4-5 years.