The Department of Energy (DoE) said it is moving forward with plans to stage the country’s first auction dedicated to natural gas, with contracts targeted to be awarded by the fourth quarter this year. Energy Secretary Sharon S. Garin stated, 'We are really targeting before the end of the year so we can award,' as reported by BusinessWorld.
The auction aims to attract investment in natural gas exploration and development, which is part of the government's strategy to diversify energy sources and ensure energy security. The DoE has been working on the framework for the auction, including bid terms and qualification requirements.
Industry observers note that a successful auction could boost domestic gas production and reduce reliance on imported fuels. The move aligns with the Philippine Energy Plan, which seeks to increase the share of natural gas in the power generation mix.