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Monday , 22 July 2024

APBC Energises Perth: A Golden Opportunity to Invest in Philippine Energy Resources

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President Rafael Toda spearheaded a dynamic gathering together with VP of WA Jenny Ryall and Director of WA Marvin Chan, as the Australian-Philippine Business Council (APBC) illuminated the energy market’s intricacies and the latest trade updates between Australia and the Philippines. The energy showcase, held at the Duxton Hotel, drew esteemed guests and industry leaders, fostering discussions on promising opportunities and collaborations, especially in Mindanao.

Australian Energy Producers Conference attendees
PHOTO: Nicko Rafael Photography

Undersecretary Alessandro O. Sales from the Department of Energy Philippines (DOE) and Minister Akhmad Brahmin of the Ministry of Environment, Natural Resources, and Energy – BARMM (MENRE) shared valuable perspectives on the Philippines’ energy landscape, spotlighting promising prospects in Mindanao.

Representatives from the Philippine Embassy and Australian authorities, including Third Secretary and Vice Consul Angela Laurente, Austrade State Director for WA Jane Caforio, and WA Deputy State Director of DFAT Kelly Tranter, emphasised the significance of bilateral cooperation in the energy sector.

Australian Energy Producers Conference attendees 1
PHOTO: Nicko Rafael Photography

Distinguished guests like Consul Sheryll Gabutero of the Philippine Consulate Queensland and Former Consul Virma Symons of Perth participated in enriching conversations, fostering growth and collaboration between Australia and the Philippines. The event provided a platform for discussing potential partnerships and investment avenues.

The showcase seamlessly complemented the Australian Energy Producers Conference at the Perth Convention and Exhibition Centre. By facilitating focused discussions on the Philippines-Australia energy relationship, the APBC event augmented the broader discourse and networking opportunities at the conference.

Undersecretary Sales pinpointed key energy development opportunities in the Philippines with four key points: 

Unlocking Petroleum Data Access

The Philippine government’s initiative to offer free access to critical petroleum data aims to attract more companies to explore oil and gas, potentially leading to new discoveries. This move underscores the government’s commitment to facilitating a conducive environment for investment.

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Pioneering Native Hydrogen Exploration

Beyond traditional fossil fuels, the Philippines is venturing into native hydrogen exploration, aligning with global efforts towards clean energy solutions. This initiative offers a clear framework for companies interested in pioneering this innovative energy source.

Facilitating Development and Production Petroleum Service Contracts

Streamlined procedures for awarding development and production petroleum service contracts ensure efficient development of confirmed petroleum reserves, fostering investor confidence and expediting project implementation.

Incentivising Investment

Currently drafting Department Circular on special allowances to be offered by the government aiming to attract investment and stimulate further exploration and development. These proposed special allowances will include enhanced cost recovery options, support for small and marginal fields, and benefits for high-capital projects.

BARMM Bid Round

The announcement of the first-ever bid round in the BARMM region highlights significant opportunities in areas like the Sulu Sea Basin and Cotabato Basin, known for their promising gas and oil discoveries.

Philippine Petroleum Service Contracts

Contracts showcased across regions such as Northwest Palawan, Cagayan, Visayan, and East Palawan present extensive opportunities for petroleum reserves development, managed by renowned companies like PNOC Exploration Corporation, The Philodrill Corporation, and Nido Petroleum.

Government Commitment

DOE Undersecretary Alessandro O. Sales and MENRE Minister Akhmad Brahmin underscored the government’s dedication to advancing the energy sector and empowering communities, particularly in Mindanao. Minister Brahmin reiterated the transformative potential of energy initiatives in enhancing quality of life.

This collaborative effort between the DOE, MENRE, and industry stakeholders signals a promising trajectory for energy development in the Philippines. With supportive policies and incentives in place, there’s never been a more opportune time to invest in the country’s energy resources, offering substantial returns and contributing to energy independence.

View more photos by Nicko Rafael Photography

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