13-06-00 More foreign exploration and drilling companies have announced their intention to enter the Philippines oil and gas market following new incentives from the Department of Energy. The CEOs from Endeavour and Tagar Agung Eriangga Energindo will be travelling to the Philippines to discuss the issue with energy officials.
Endeavour's CEO, Nigel Quinton, will go to Manila this month to finalise a joint venture with Philippine National Oil. Officials from the Department of Energy have reportedly said that the company is interested in the Tablas Strait and the Maniguin contract areas, currently held by PNOC-EC.
Tagar Agung Eriangga Energindo is reportedly hoping to enter into a farm-in agreement with both local and foreign firms, including joint ventures that have existing service contracts in the Philippines.
The Energy Secretary, Mario V. Tiaoqui, has said that the "window of opportunity" package from the Department of Energy includes an enhanced cost recovery scheme. This allows firms that already have contracts to temporarily suspend their operations in one area, and focus on the identified "corridor of focus" or new priority areas.
Other firms that have expressed an interest in entering the markets include Unocal, Nuevo Energy, Sita Oil Exploration House, Philips Petroleum, Globex Energy, and Conoco.