Department of Energy (DOE) Secretary Alfonso G. Cusi attended today the Ceremonial Signing of the Petroleum Service Contract (PSC) for Area 4 (East Palawan Basin) of the Fifth Philippine Energy Contracting Round (PECR5) at the Presidents’ Hall of Malacanan Palace.
The projected minimum total expenditure is valued at $34,350,000 to be derived from studies, data gathering and drilling activities over the initial seven-year contract duration.
“This is the first petroleum service contract signed under the Duterte administration,” Cusi said.
“In fact, the last service contract awarded was with PXP Energy Corporation. This was almost five years ago in 2013,” he added.
“The President has been very clear – our country needs to attain energy security and sustainability at the soonest possible time,” Cusi said.
The awarded PSC is part of PECR5, which was launched in May 2014. The PECR was established as a transparent and competitive system of awarding service or operating contracts for prospective petroleum or coal areas within the country.
Established in 1992, Ratio Petroleum has a number of large-scale operations at the Levant Basin in the Eastern Mediterranean Sea, off the coast of Israel, as well as off-shore operations in the Republic of Malta and the Co-operative Republic of Guyana.