To attract more investors into the exploration and development of its indigenous oil and gas resources, the economy conducts an annual Philippine Energy Contracting Round (PECR) or energy contracting round mechanism. As of 2009, 34
service contracts (SCs) have been supervised and monitored by the DOE and the number is likely to increase to 117 by 2030. Private companies enter SCs with the DOE for the exploration of oil concession areas and natural gas deposits and for the development of geothermal resources and certain coal areas in the economy, subject to sharing their net proceeds with the government.