The government is planning to invest Php502 billion over the next two decades with the intention of extracting up to 4.0 trillion cubic feet (TCF) to replace the resources of the depleting Malampaya gas field, according to the Department of Energy (DOE)
Speaking at the Energy Investment Forum on Friday, Energy Usec. Felix William Fuentebella emphasized that the investments and capital raising for the exploration and development of indigenous fuel will be among the pillars of the country’s energy security.
As for the overall aim to pursue the development of indigenous energy resources, Fuentebella said that aggregate investments could go past Php1.176 trillion, Php656.06 billion of which would likely focus on coal mining exploration and development ventures.
The 4.0 TCF target of the outgoing administration is higher than Malampaya’s full commercial development potential, which had been pegged at a high of 3.4 TCF.
The government lifted the exploration moratorium in the West Philippine Sea last year. Malampaya’s supply is expected to be depleted between 2022 and 2027.
