Energy Secretary Angelo T. Reyes has urged oil companies in the ASEAN region to forge joint ventures to spur exploration and development of untapped natural resources in the region.
In the 26th ASEAN Ministers on Energy Meeting (AMEM) in Bangkok, Reyes said there is a need to encourage the private sector to increase investments in energy exploration and development to ease the anxiety of oil producers to meet the anticipated demand.
Reyes, together with other ministers on energy in the region, also called for greater cooperation to meet the anticipated doubling of energy demand in the region as well as the unpredictable increases in oil prices.
The Energy chief also stressed the need for concerted efforts to build up sufficient and reliable supplies of energy, at the same time, addressing social and environmental aspects.
A major output anticipated by the ASEAN Ministers on Energy in this AMEM meeting is the finalization of the draft ASEAN Petroleum Security Agreement (APSA).
After a series of deliberations that lasted for more than a decade, APSA and its attachment, the Coordinated Emergency Response Measures (CERM) was finally approved by the ASEAN Ministers.
The new APSA is an important mechanism that will provide the necessary measures for a timely coordinated response during periods of petroleum shortages and emergencies in the ASEAN region. It was agreed that the signing of this Agreement will be held in December 2008 during the ASEAN Summit.
In the same meeting, Reyes also welcomed the initiative of the Organization of Petroleum Exporting Countries (OPEC), as reported by Indonesia , in ensuring ample supply of crude oil in the world market.
He also urged all member countries of ASEAN to help ease the tension in the geopolitical arena and prevent too much speculation in the oil future markets, and restrain, if not avoid, the spikes in oil prices.