NextGen Day

MANILA, Philippines — The Department of Energy (DOE) is examining the terms of reference (TOR) for the public tendering of consultant services to conduct a feasibility study as part of the government’s plan to develop its own oil reserve.

DOE Assistant Director Rodela Romero said during the Laging Handa briefing on Wednesday that despite the failed bidding for an adviser to conduct a study on the establishment of the Strategic Petroleum Reserve (SPR), the agency is still on track to complete the study before the end of the Duterte administration.

The Philippine National Oil Company (PNOC) announced in September last year that it intends to construct an SPR that will include crude oil and petroleum imports, storage, and distribution facilities both within and outside the nation.

According to Romero, the SPR program is a long-term strategy and an oil contingency plan aimed at reducing the country’s vulnerability to supply and price shocks in the global market.

“So (it’s) an assurance that we’ll be able to construct the aforementioned strategic petroleum reserve through thorough analysis, with no losses to the government,” she explained in Filipino.

DOE Secretary Alfonso Cusi announced his plan to establish an oil stockpile a few months after the epidemic began, taking advantage of the cheap prices of petroleum products at the time, which fell below USD20 per barrel.

When oil prices are low, the government plans to buy it, stockpile it, and use it for domestic use when prices rise.

This could be a solution to the current oil price difficulties, which have seen prices rise for the past seven weeks.

Senatorial candidate and former defense secretary Gilbert “Gibo” Teodoro called on the DOE and the PNOC to expedite the national oil stockpile program and be more aggressive on energy concerns in a statement released last week.

Furthermore, Romero stated that the DOE has requested to Congress that the agency be given authorization to build the SPR, “whether commercial or strategic,” to deal with the effects of oil supply and price disruptions.

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