Philippines planning oil auction
Philippines
MANILA, March 26, 2018 – The government of the Philippines will put 14 offshore blocks on offer later this year, international media reported on Sunday.
A reputation for cumbersome regulation and a maritime border dispute have slowed down hydrocarbons development in the country, the Financial Times reported. All of the blocks to be offered, however, will be in a part of the sea China doesn’t claim.
“These are pre-determined areas of petroleum, meaning there are data already available in the Department of Energy,” Donato Marcos, an undersecretary at the Philippine Department of Energy, told the newspaper.
No specific timeframe for the auction was provided in the report, though Marcos added that the government is planning a roadshow in the US, UK and Singapore in Q3 2018.
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