Philippines Opens Bids for Oil, Gas Projects

Philippines’ Department of Energy on Friday opened the bid for country’s oil and gas projects.

The government received 16 bids out of which 9 were accepted for the 12 oil and gas service contracts under the fourth Philippine Energy Contracting Round. Reports said that the 12 areas offered, three had rejected bids and four had no offers.

Among the companies whose offers had qualified for evaluation were Forum Pacific Inc., Mitra Energy Ltd., Helios Mining and Energy Corp., Dil Moro Energy, Minenergy, Loyz Oil Pte Ltd., Frontier Oil, Philodrill Corp. and Philex Petroleum. The rest of the offers, which were initially rejected in Friday’s bidding, may still be reconsidered.

It will take at least 100 days to evaluate the offers of these companies, after which the service contracts will be awarded by President Benigno Aquino III.