Philippines to Offer 15 Oil, Gas Blocks by July

Philippines will likely award 15 oil and gas exploration contracts in July as the country sets out to encourage investment in its hydrocarbon reserves to meet its energy demands.

Reuters reported citing Philippines National Oil Company (PNOC) CEO Antonio Cailao that large number of bids has been received.

Cailao said that the country has more oil and gas given the country's proximity to other producers in the Asia-Pacific such as Indonesia and Australia.

He added that the country could have reserves of 21 billion barrels of oil and 223 billion cubic feet of natural gas.

The country's Energy Secretary said in June last year that the contracts required a total investment of at least $7.5 billion and would be awarded in early 2012.