Low oil prices likely to dampen PH petroleum contracting round

The Department of Energy (DOE) is taking it slow this time on any planned petroleum contracting round given the plummeting prices of oil in the world market. Energy Undersecretary Donato Marcos had indicated that there is no firm action set by the department this time into launching another bidding round of oil and gas service contracts. He stressed that even investors “have been taking a wait-and-see stance” on how world oil prices will shape in the coming months or years – and that is where the DOE has also been taking its cue from. The department’s priority at this point, he said, is on securing the approval of the Department of Finance (DOF) on the pending petroleum contracts that are already overdue for award to the winning bidders. Energy Secretary Zenaida Y. Monsada has previously told reporters that they will be securing the go-signal of the finance department for the [...]