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Philippine Auction Draws Global Interest

Oil majors line up for chance at latest offering...

Philippine Auction Draws Global Interest

Four more companies have expressed interest in the oil and gas exploration blocks the Philippine government is auctioning in March.

Energy Undersecretary Eduardo V. Manalac said US company Exxon Mobil, Australia's BHP Billiton, Malaysia's Genting Oil, and state-owned PetroVietnam joined several companies that have earlier looked at the government's data on the 46 oil and gas exploration blocks that would be bid out.

The 46 exploration blocks cover 222,914 square kilometers of shallow and ultra deep waters in northwest Palawan and in vast frontier basins in southeast and east Palawan, the Sulu Sea, and the Reed Bank.

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