AN ISRAELI FIRM sought to cover a wider gas and oil exploration area in the country, according to the Department of Energy (DoE).
Two years after the Philippines signed a deal with Ratio Petroleum, Ltd. to unearth viable petroleum resources in Palawan, the foreign company now wants to “double” the area of its exploration.
“They are faring to come in already and they’re just asking for a bigger contract,” Energy Secretary Alfonso G. Cusi told reporters.
In October 2018, Ratio was awarded with Service Contract No. 78 to explore the 6,480-square-kilometer block in offshore east Palawan. It is the first petroleum contract awarded under the present administration.
Then in July last year, it signed a memorandum of understanding with the Philippine National Oil Co. (PNOC) for their cooperation in the conduct of studies and sharing of technical information and resources in developing the petroleum prospect.
“Ngayon (Now), they want to double the area, so that is still under discussion as they are proceeding with the project,” the Energy chief said.
A team from the exploration company was supposed to start the project operation this year but the global coronavirus pandemic prevented them from entering the country, according to Mr. Cusi.
“We are doing virtual meeting [with them] pero napakahirap, e, ’pag ganyang (it’s difficult, especially if) you are looking at the documents,” he added.
It was estimated that the project would cost $34.35 million over a seven-year period.
Ratio is involved in the development of the 22-tcf (trillion cubic feet) Leviathan natural gas field — the largest of its kind in the Mediterranean sea.
The DoE under Mr. Cusi launched the Philippine Conventional Energy Contracting Program (PCECP), which seeks to boost petroleum discoveries in the country. Investors can either choose to bid among the 14 pre-determined areas offered by the department or to nominate other areas.
Presently, it is engaging the Department of Foreign Affairs to help operators to resume exploration activities in the disputed West Philippines Sea while the country fights the global pandemic.
Offers to survey three blocks for oil prospectivity within the contested waters are yet to be disclosed after their challenge periods lapsed in May. — Adam J. Ang
