Home Top News and Stories Philippines News Headline DOE, Japanese firm forge ties to update PH oil contingency plan, petroleum reserve program

DOE, Japanese firm forge ties to update PH oil contingency plan, petroleum reserve program

0
   

DOE, Japanese firm forge ties to update PH oil contingency plan, petroleum reserve program

The Department of Energy (DOE) and Japan Oil, Gas and Metals National Corporation (JOGMEC) signed an agreement yesterday, 12 May 2021, to update the 2002 Philippine National Oil Contingency Plan and recommendations on the creation and operation of a Strategic Petroleum Reserve (SPR) Program. 

QUEZON CITY, May 13 (PIA) – The Department of Energy (DOE) and Japan Oil, Gas and Metals National Corporation (JOGMEC) signed an agreement on, May 12, 2021, to update the 2002 Philippine National Oil Contingency Plan and recommendations on the creation and operation of a Strategic Petroleum Reserve (SPR) Program. 

“Today’s signing speaks volumes on Japan’s commitment to help the Philippines succeed in attaining its energy security goals. I take this opportunity to express our appreciation to the Japanese government and its private sector for helping us attain our long-term goals,” DOE Secretary Alfonso G. Cusi said. 

Cusi further emphasized that even before the COVID-19 pandemic, energy security has always been at the core of the Department’s policy agenda.

“We have been proactively seeking all potential ways to ensure the availability of sufficient energy supply, most especially in the face of local or global disruptions, such as geopolitical movements, global market volatilities, and more recently, this COVID health crisis,” he said. 

The main areas of the study are:

a) the international petroleum products’ supply and demand situation in the past five years and the expected growth for the next 20 years;

b) the international strategic petroleum reserve program situation in the past five years to address supply disruptions;

c) the existing international oil supply security agreements both in ASEAN and other regions of the world and how the Philippines could participate;

d) the Philippine petroleum products’ supply and demand situation in the past five years and expected growth for the next 20 years; 

e) Philippine Government-owned and privately-owned crude oil and finished petroleum products’ storage facilities in the past five years and the expected growth for the next 20 years;

f) existing Philippine policies and implementation to address petroleum products’ supply for normal demand, as well as demand for contingency/emergency response due to any international or domestic supply disruption;

g) an analysis of the gaps in the existing Philippine Government-owned and private-owned petroleum products’ storage facilities to address the existing and the expected growth in demand, as well as the contingency/emergency response during any international and domestic supply disruption ; 

h) an analysis of the gaps in the existing Philippine policies on contingency/emergency response to any international and domestic supply disruption; 

i) an analysis of the role of the DOE, the Philippine National Oil Company (PNOC) and other relevant government agencies to address the Philippine national petroleum products’ contingency/emergency supply strategies and measures;

j) provide recommendations on the creation and operation of the Philippine PSRP; and

k) submit to DOE the recommended updated 2002 Philippine National Oil Contingency Plan incorporating all the above data, information, analysis, SPRP recommendations and the overall recommendations on how to address the Philippine national petroleum products supply security and contingency/ emergency response to any international or domestic supply disruption.

Under the MOA, JOGMEC will conduct a study within eight months of its signing, and the parties shall have a one-year consultative period after the submission of the final report. (MTQ/PIA-IDPD with additional information from DOE)