Two exploration companies have passed the qualifying stage for the PECR-5

Two exploration companies have passed the qualifying stage for the Philippine Energy Contracting Round (PECR-5) at the opening of bids held at the Department of Energy (DOE). Eleven exploration areas were put up for bidding but the bidders submitted offers for only three areas. Israel-based Ratio Oil Exploration submitted bids and qualified for Area 4, a 416,000 hectare area in East Palawan, while local company Colossal Petroleum  qualified for Area 5 and Area 7. Area 5 is a 576,000 hectare area in East Palawan while Area 7 in Recto Bank covers 468,000 hectares. The PECR is a regular activity conducted by the DOE to showcase the petroleum exploration opportunities in the country and attract investors to develop the country’s indigenous oil and gas resources.