TAGUIG CITY – The Department of Energy (DOE) is pleased to announce the results of today’s Philippine Conventional Energy Contracting Program (PCECP) Bid Opening Ceremony for Nominated Area 9 in the Cotabato Basin, submitted by Banaba Oil and Gas Exploration Corporation.
In accordance with the Guidelines and Checklist of DOE Department Circular No. DC2017-12-0017, the Completeness Check made by the PCECP Technical Working Group (TWG) found the application to be incomplete, thus disqualifying the applicant.
There was also one challenger for Nominated Area No. 9, from the SK Liguasan Oil and Gas Exploration Corporation. Their application has been evaluated by the PCECP TWG, and was found to be complete, thus qualifying the challenger.
Moving forward, the DOE and its PCECP Technical Working Group shall be conducting further substantive evaluations of all qualified bids/applications to determine whether the respective applicants shall pass the criteria set for the optimal development of each nominated area.
Results of this evaluation process shall then be forwarded to the Energy Secretary, and subsequently, endorsed by the DOE to the Office of the President for final approval in case that the Petroleum Service Contract (PSC) would be awarded for the aforementioned area.