President Ferdinand Marcos Jr. is seeing a more stable power supply, along with lower power rates with the expanded development of the Malampaya gas field and the blending of imported liquefied natural gas (LNG).
In a report by the Philippine Star, Marcos Jr. met with the officials of Prime Energy Resources Development B.V to discuss the company’s plan in exploring and developing indigenous gas prospects and supplementing the current indigenous gas productions with LNG imports through a gas aggregation framework.
Marcos Jr. believes that the gas aggregator idea “is the key,” and told Prime Infra officials that they “have work to do.”
Marcos Jr .earlier signed the renewal of Malampaya’s Service Contract No. 38 (SC 38), allowing the continued extraction of natural gas in the Malampaya gas field until February 2039.
Under the renewed contract, the consortium would need to conduct a work program that includes geological and geophysical studies and drilling of at least two deep water wells between 2024 and 2029. This would unlock the potential in the gas field and nearby prospect areas to provide the needed production.
The consortium will also conduct exploratory drilling away from the Malampaya production area in order to retain its exploration areas.
SC38 is granted under the consortium of Razon-led Prime Energy Resources Development B.V., Dennis Uy’s UC38LLC, and the Philippine National Oil Company – Exploration Corp. (PNOC-EC).
