Investments that create jobs will come in the next five years due to government’s unilateral decision to lift the moratorium on oil and gas exploration in the West Philippine Sea.
The lifting of the oil and gas exploration has allowed service contract holders to resume their exploration of new energy sources in the West Philippine Sea, Department of Energy (DOE) Secretary Alfonso Cusi said.
Cusi said there were five service contract holders doing oil and gas exploration in the West Philippine Sea before the ban on oil and gas exploration.
He added these service contractors have work programs that will run for five to six years, and that translate to new investments and job generation.
Last week, the DOE said service contract holders are estimated to pour in USD25 million upon lifting the moratorium, and increase these investments to USD78 million as they fulfill their work commitment programs.
“Those are important things that will pump-prime us amid the pandemic,” Cusi said.
The DOE chief said there are three other applicants for service contracts in the West Philippine Sea that the DOE is evaluating on top of the five awarded deals.