The DoE will be adopting a new bidding scheme for the round, dubbed as the First Philippine Petroleum Public Contracting Round 1 (PCR1).
PCR1 is a new mechanism of awarding concessions in oil and gas explorations through competitive public bidding, where highly prospective petroleum acreages will be placed on the market for application.
The system replaces the existing licensing procedure that was based on a first-come first-serve basis, which barred any other participant from applying for exploration rights in the same area.
The areas to be opened for licensing covered a total of 215,000 square kilometres and are believed to have high potential for large oil and gas reserves.
