Philippines Set to Auction Three Oil, Gas Blocks

Philippines will go ahead with the bidding of three oil and gas exploration contracts in northwest Palawan on July 31.

The three blocks are the remaining contracts under the Philippine Energy Contracting Round 4.

About 38 companies have previously pre-qualified to join the bidding for the 15 areas under PECR 4. More international firms are expected to participate in bidding for these contracts too.

“We have received indication that at least two consortia have been formed with Filipino partners that will bid for the remaining three blocks,” Energy Secretary Jose Rene Almendras said.