THE new petroleum service contracts and new gas wells will usher in P74.78 billion worth of new investments, reflecting the government’s sustained push to expand domestic energy development and reduce the country’s exposure to imported fuel dependence.
DOE Undersecretary Giovanni Carlo Bacordo presented to lawmakers on Thursday a briefing sheet indicating that the 14 new petroleum service contracts recently signed by President Ferdinand Marcos Jr. will generate $324 million dollars, or roughly P19.91 billion, in potential investments.
Apart from these, he said the successful drilling and testing of the Camago 3 and Malampaya East 1 wells under Service Contract (SC) 38 yielded estimated reserves of 222 billion cubic feet of gas, extending operations to 2034 and providing enough fuel to power 13.1 million households for one year. These, he added, will unlock major new reserves, with an estimated committed work program amounting to $893 million, roughly P54.87 billion.
DOE Secretary Sharon Garin had said the awarding of the contracts reflects the administration’s clear direction of pursuing a more secure and self-reliant energy future through the responsible development of domestic resources.
‘These Petroleum Service Contracts reflect our determination to move indigenous energy development forward, both by revitalizing known resources and by opening pathways for frontier exploration.
At a time when the country remains exposed to global fuel market volatility brought by the developments in the Middle East, every serious effort to develop our own energy resources strengthens our long-term energy security and helps build a more resilient future for the Filipino people,’ she said.
‘By advancing new exploration and supporting responsible upstream development, we are laying the groundwork for a steadier, more secure, and more sustainable energy system for the next generation,’ added the energy chief.