The Philippine Department of Energy, presents the recently concluded Philippine Petroleum Resource Assessment Project (PhilPRA). The 18-month PhilPRA Project was funded by the Norwegian Agency for Development Cooperation to conduct, among others, a total resource assessment of all the sedimentary basins of the Philippines.

It has now identified 16 sedimentary basins, covering an area of more than 700,000 square kilometers. It also revealed that only 10% of the total petroleum resources of the Philippines have been discovered, thus making the country a promising site for petroleum exploration investment.

Meanwhile, the Window of Opportunity in Petroleum Exploration in the Philippines program will continue up to June 2003, granting incentives to companies exploring in the Corridor of Focus.