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Manila Bulletin devider Business devider DOE slates 'energy bid round' for BARMM

DOE slates 'energy bid round' for BARMM

Published Feb 15, 2024 07:11 am

At A Glance

  • The investment play at the BARMM jurisdiction is still being steered into fruition and the significant first step to that had been the institutionalization of the Intergovernmental Energy Board (IEB) Circular that was signed between the DOE and the BARMM Ministry of Environment, Natural Resources and Energy (MENRE) for the joint award of petroleum service contracts (PSCs) as well as coal operating contracts (COCs).

The Department of Energy (DOE) will be undertaking this year the first bid round to woo prospective investors for energy infrastructure developments in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

The department announced that the launch of the planned auction for conventional energy installations in the BARMM domain will be on February 26 this year.

There are no details yet of any firmed up schedule of bidding as well as the projects or contracts to be offered by the government, but these are expected to be unveiled by the DOE during the launching activity.

Energy Secretary Raphael P.M. Lotilla had given pronouncements that many Middle Eastern companies as well as other foreign investors are already setting their sights in the BARMM territory – primarily for upstream oil and gas as well as indigenous coal exploration and development prospects.

He noted that some of the upstream investment targets are in the Sulu Sea area, as well as some blocks near the Cagayan de Tawi-Tawi basin.

It is worth noting that global oil giants Exxon Mobil and even French multinational Total had previously placed their bets for petroleum exploration at a Sulu Sea prospect, but they eventually exited due to lack of commercial yield on the outcome of their initial exploration and drilling activities.

This time, Lotilla indicated that fresh interests are coming from Middle East-based companies – including giant petroleum players in Qatar and the United Arab Emirates.

Another petroleum prospect that has been recurrently attracting attention is Liguasan Marsh, a block straddling Mindanao basin that is seen to be a gas-rich venture.

The investment play at the BARMM jurisdiction is still being steered into fruition and the significant first step to that had been the institutionalization of the Intergovernmental Energy Board (IEB) Circular that was signed between the DOE and the BARMM Ministry of Environment, Natural Resources and Energy (MENRE) for the joint award of petroleum service contracts (PSCs) as well as coal operating contracts (COCs).

For coal resources, in particular, viable prospects had been primarily demarcated in Maguindanao, as well as some parts of Cotabato.

 

 

Related Tags

Department of Energy (DOE) energy projects oil and gas coal exploration activities BARMM
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