First launched in 2006, the PECR shall be continued. Aggressive promotion of indigenous oil and gas resources and coal prospect areas via competitive contracting scheme under the PECR will be pursued.
Through PECR, the oil and gas sector is expected to yield an additional 23 Service Contracts (SCs) and drilling of 35 wells by end of 2016. From 2010 to 2016, production targets for the oil and gas fields are projected at 36.3 MMB of oil, 1,029.5 BCF of gas and 37.8 MMB of condensate. The biggest contribution will be provided by the Malampaya oil and gas fields, which will contribute 23.1 MMB of oil, 1,022 BCF of gas and 37.2 MMB of condensate. New geophysical data will also be acquired to cover a total of 18,550 line/km. and 3,750 sq./km. of 2D and 3D seismic data, respectively, by the end of 2016.