The Department said at least 48 local and international oil and gas exploration companies have expressed interest in exploring the areas for potential gas and oil reserves according to a report in the Asia Financial News.

Forty-six new exploration blocks have been put up as part of the First Petroleum Public Contracting Round, which serves as a first step to bidding. The sites are located close to oil discoveries and producing fields in the Northwest Palawan, and vast frontier areas in Southeast and East Palawan, Sulu Sea and Reed Bank.

The interested companies include a who's who of leading international and regional oil and gas producers including BHP Billiton Petroleum (Australia), British Gas, Chevron Texaco, Forum Energy Corp, Hust Oil Co Korea, Indonesia Petroleum Co Ltd, Nations Energy Co Ltd, Pearl Oil, Petronas, Premier Oil, Total E & Petroleum, Eni Indonesia, Schlumberger, and Nido Petroleum.

Nido already holds a substantial position in the Palawan Basin, through its interests in the Matinloc oilfields.

"Our acreage is on the Shelf edge, and these new blocks are further outboard, so we're looking at them," said Nido's Charlie Morgan. "However, it's a lot deeper water than in our permits."

Starting this month, interested parties intending to bid for the exploration blocks will have seven months to evaluate data provided by the energy department through virtual data rooms in Houston, London, Stavanger and Manila.