MANILA – The Department of Energy (DOE) wants energy projects and explorations in the Philippine Exclusive Economic Zone (EEZ) to be expedited promptly and efficiently for the country to move forward in line with the government’s “Ambisyon 2040”, Secretary Alfonso Cusi said.
In a recent interview with reporters in Taguig City, Cusi said past explorations contracted under the Philippine Energy Contracting Round (PECR) simply took too long with an average turnaround time of two years.
He said a new process will be implemented and will be known as the Philippine Conventional Energy Contracting Program (PCECP), whereby willing investors can propose and determine the area they want to explore within the Philippine EEZ.
The PCECP will cover oil, natural gas and coal.
With the DOE administering the PCECP, the energy chief said proposals and bids for future explorations submitted by investors will then be published and subjected to a Swiss challenge to determine if any other investor can better the offer as part of transparency.
“This will facilitate exploration because there will be no need for a long wait,” Cusi said.
Meanwhile, the DOE is already conducting public consultations “with a sense of urgency”.
“But we are being analytical and very careful to make sure we find the right investors with the best win-win solutions,” Cusi added. (PNA)