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DEEP waters and political uncertainty have kept the Philippines off the investment radar for decades, but the combination of high oil prices, new technology and a business-savvy government are reigniting interest.

Visiting Perth last week at the invitation of Nido Petroleum, the Philippines Department of Energy Undersecretary Guillermo Balce told EnergyReview.net the country's fiscal regime and world-class geology made it an exploration and development destination second to none.

"We are considered the most attractive country when it comes to incentives for oil and gas exploration and production – not only in Southeast Asia but around the world," Balce said.

Terms include effective tax-free status for producers as the government pays any income tax on a project out of its share of profits.

David Whitby, managing director of Nido, which expects to increase its production from the Philippines with the start-up of the Galoc development during 2007, agrees with Balce's description of the country as an attractive investment destination.

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