DOE mandates full disclosure of storage capacity

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MANILA, Philippines — The Department of Energy (DOE) has issued an advisory requiring all oil and gas players to disclose their available storage capacities at depots and terminals nationwide.

According to the DOE, the reporting of available storage capacities covers “all downstream oil industry participants that own, lease and/or operate terminals or depots.”

This is to enable the agency to “closely monitor supply levels and respond swiftly to potential shortages.”

Beyond mere reporting, the advisory also introduces a shared-resource framework that authorizes the Philippine National Oil Company and the PNOC Exploration Corporation to utilize available private storage space to support national petroleum requirements. 

Industry participants are directed to comply with these utilization requests, provided they are technically feasible, as part of a "whole-of-industry" approach to safeguarding national energy interests.

“Non-compliance may result in appropriate regulatory action, including the cancellation or suspension of permits,” the DOE said. 

“Through this initiative, the DOE underscores its commitment to safeguarding national energy interests and ensuring uninterrupted fuel supply for the Filipino people,” it added.