The Department of Energy (DOE) is calling for oil companies to challenge a company’s bid to develop a portion of the Cagayan Basin under the Philippine Conventional Energy Contracting Program (PCECP).
The agency said the resource is targeted for development by Australia-based Triangle Energy (Global) Ltd. but that other applicants may submit their own application for the nominated area.
According to the DOE, a pre-challenge conference had been set for 26 July. Counter-proponents have until 4 September to submit their own bid and pay a challenge fee of P1 million.
DOE said opening of application and bid documents will be held at its headquarters at 1:30 p.m. on the same date.
Under PCECP, oil, gas and coal companies may bid for service contracts in preset areas or by nominating their own preferred areas that can be challenged by other developers.
