The Department of Energy (DOE) has received 14 applications for oil and gas exploration to search for untapped energy resources in the country.
Speaking at a recent virtual 16th Energy Investment Forum, Energy Secretary Alfonso Cusi said DOE will shortly award service contracts to four interested parties this month (December).
The contracts will be under Philippine Conventional Energy Contracting Program (PCECP) of DOE that aims to promote exploration activities in pre-determined and nominated areas with potential energy resources.
Cusi said he also urged ASEAN partners during their recent Summit to discuss how to jointly explore oil and gas resources within their shared borders. All these efforts are part of DOE’s goal to increase the share of other energy resources aside from coal, he added.
“We cannot get rid of coal but we are giving a lot of window for renewable energy to catch up and help fill the supply to meet Philippine energy demand,” he chief said.
Aside from the PCECP, energy policies to allow more investments in renewable energy include the moratorium on greenfield coal projects and 100% foreign ownership on geothermal energy projects.
Cusi said the Philippines remains the leading country in Asean in terms of renewable energy’s share of the energy mix. The share of renewable energy in the energy mix is at 33 percent, exceeding the Asean target of 23 percent.