Status of Petroleum Exploration in the Philippines

Ismael U. Ocampo

Chief, Oil and Gas Division
Department of Energy

Abstract

With the present price of crude oil at more than us $90 per barrel, the Philippines is now experiencing a surge in petroleum exploration activities, such as the conduct of seismic and drilling operations. Moreover, with the successful implementation of the Philippine Energy Contracting Round (PECR) 2006, we expect more industry players, both local and international, to invest on these exploration activities in order to address the increasing demand for petroleum products in the Philippines.