American energy companies are showing renewed interest in oil and gas exploration in the Philippines, particularly focusing on 'ultra-deep' areas within the archipelago. Department of Energy Secretary Raphael P.M. Lotilla revealed that American firms, driven by economic factors, are interested in exploring these challenging depths. While he declined to name the companies, Lotilla stated that some are established players potentially returning to the region. This interest aligns with ongoing exploration near the Malampaya gas field, the country's only operational natural gas project. The Philippines aims to bolster its energy security by diversifying its energy mix, reducing reliance on imported fossil fuels, and exploring alternative sources like hydrogen and nuclear power.
AMERICAN energy companies are expressing renewed interest in oil and gas exploration in the Philippines, with plans to focus on “ultra-deep” areas within the country’s archipelago.
“Even American companies have been interested in exploring areas which are ultra deep within the archipelago. And we will see how that proceeds because they, the American companies, have assured us that their interest is driven by economics and not by changes in political administration,” he said in a television interview with Bloomberg.
While Lotilla cautioned that new discoveries may not match Malampaya’s peak output—which once supported 3,200 megawatts of power generation—he emphasized the importance of these efforts in bolstering energy security. “So, this huge dependency on imported energy sources cannot remain forever and as the economy grows, we have to be more self-reliant and contribute as well to a sustainable future for the entire planet,” he said.
ENERGYEXPLORATION PHILIPPINES OILANDGAS ENERGYSECURITY RENEWABLEENERGY
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