With an expected growth rate of around 2 percent per annum, it comes as no surprise to industry watchers that the Philippines has started focusing on developing its petroleum sector. The Philippine Department of Energy (DOE) said it aims to make the country 60 percent self-sufficient in energy by 2024 in a 2011 public address.
In the same year that the DOE committed to raise the country’s energy self-sufficiency, the agency launched its largest ever petroleum block contracting round. The fourth Philippine Energy Contracting Round (PERC 4), which was launched June 30, 2011 saw 15 oil blocks – 12 offshore and three onshore – spanning an area of more than 25.5 million acres (10 million hectares) being offered.
The contract areas cover hydrocarbon prolific areas within the basins of the Northwest Palawan, East Palawan, Sulu Sea, Mindoro-Cuyo, Cagayan, Central Luzon and Cotabato.
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