Spear-headed by the newly inaugurated Senator Nancy Binay, the said law is proposed to be amended as “Petroleum Exploration and Development Act.” Her rationale is that the current law for the upstream oil industry is outdated thus it needs to be revised to suit the modern requirements and demands of the industry.
There really is urgency for ways on improving the production capacity of the Philippines when it comes to crude oil. Philippine’s demand for energy is greatly increasing and the possibility that it will slow down is something no one looks forward to. An increasing demand for energy is an indicator that economic activity in the country is increasing, and it really is as 65% of oil imports are consumed by transportation alone.
This effort by Senator Nancy Binay is noteworthy though it is not something to be too optimistic about. Lots of politics also come in the picture; a factor, that is no secret, hindering foreign companies and investors from engaging oil exploration in the country. Regulations and regulators should altogether be improved if the Philippine’s would want to discover and extract oil within its present territory.
No contributing author / editor indicated, “Binay seeks more incentives for oil, gas exploration.” Manila Bulletin, July 9, 2013. Accessed July 11, 2013, http://ph.news.yahoo.com/binay-seeks-more-incentives-oil-gas-exploration-214424809.html
German de la Paz