3 Energy Blocs Auctioned

[ManilaBoy45]

The Philippines DOE has Auctioned 3 Energy Blocs Today in the WPS ...

3 PH groups bid for deals in disputed sea

MANILA, Philippines (UPDATED)- In a move to assert sovereign rights over disputed areas in South China Sea, the Philippines accepted bids for 3 energy blocs from exploration groups eyeing potential oil and gas deposits near Palawan.

On Tuesday, July 31, the Department of Energy facilitated the 2nd and final leg of the bid opening for the 4th Philippine Energy Contracting Round (PECR4) -- a move largely considered as a dismissal of the territorial assertions of China, which claims nearly all of the disputed sea.

About 40 companies -- including units of Total SA, Exxon Mobil Corp. and Royal Dutch Shell Plc -- previously qualified to bid under the PECR4.

However, only the following local firms, including the Pangilinan-led Philex Petroleum and Lopez-led PNOC-EC, were accepted for the following areas:

* Area 3 (600,000 hectare): Helios Petroleum Corp
* Area 4 (616,000 hectares): Consortium of PNOC-EC, Philex Petroleum Corp and PetroEnergy Resources Corp.; and Helios Petroleum Corp
* Area 5 (424,000 hectares): Consortium of Pitkin Petroleum Plc and Philodrill

 

[Yogi]

Good for Philipines
Hope Vietnam n Philipines resolve their minor disputes n together take a strong stand in scs region

 

[SinoChallenger]

However, only the following local firms, including the Pangilinan-led Philex Petroleum and Lopez-led PNOC-EC, were accepted for the following areas:

* Area 3 (600,000 hectare): Helios Petroleum Corp
* Area 4 (616,000 hectares): Consortium of PNOC-EC, Philex Petroleum Corp and PetroEnergy Resources Corp.; and Helios Petroleum Corp
* Area 5 (424,000 hectares): Consortium of Pitkin Petroleum Plc and Philodrill

What a coincidence. Only local Philippines companies are willing to challenge China in the South China Sea. Ironically, only foreign companies have the technology to drill in the deep waters (of course, india is not included among them), not local Philippines companies. So the auction was a total failure.

 

[ManilaBoy45]

Did You Even Bother to Read the News Article or You Have Trouble Comprehending Them ...

"Over the next 100 days, the DOE will review these bids and President Aquino will sign Service Contracts to award the right to conduct exploration activities in these areas.

All of these bidders are existing players in the local oil and gas industry.

PNOC-EC is part of the consortium that is operating the Malampaya deep water gas*-to-power project, the Philippines' largest existing natural gas project located near Area 4.

Philodrill, Pitkin, PetroEnergy have stakes in the Galoc oil field (Service Contract 41), while Helios has exploration activities in Agusan."

 

[Srinivas]

What a coincidence. Only local Philippines companies are willing to challenge China in the South China Sea. Ironically, only foreign companies have the technology to drill in the deep waters (of course, india is not included among them), not local Philippines companies. So the auction was a total failure.

What is wrong with you. It is internal matter for them and they are drilling in their legitimate space according to International maritime laws, Good for their economy.

 

[dunhill]

Good for Philippines brother, drill more, sell more get quick money to purchase some new great looking war toys. Congrats