Gov’t awards $207 M petroleum contracts

President Marcos has awarded eight new petroleum service contracts (PSCs) worth around $207 million in a bid to ramp up local energy production and reduce the country’s oil import dependence.

- By BRIX LELIS

The contracts cover exploration areas across Cagayan, Cebu, northwest Palawan, east Palawan, Central Luzon and the Sulu Sea, according to the Department of Energy.

The DOE said the new PSCs include the world’s first competitive bid round for native hydrogen alongside co-managed projects with the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

“These service contracts signify not only our determination to secure new energy sources but also our readiness to embrace innovation and sustainability while reducing import dependence,” Energy Secretary Sharon Garin said.

Among the successful bidders were the consortia led by tycoon Manuel V. Pangilinan’s PXP Energy Corp.