According to the Philippine Department of Energy’s energy undersecretary, Eduardo Mañalac, “We are targeting to sign at least four to five oil and gas exploration contracts each year starting this year up to 2014.” Mañalac confirmed that in this year alone, at least five wells are prepped for drilling.

“This is an ambitious target but we continue to encourage investors to take a look at the potential exploration areas in the country, he added. According to Mañalac, potential exploration areas currently being looked into by potential investors were areas in north west Palawan, in the Sulu Sea, in northern Cebu and in central Luzon.