President Ferdinand “Bongbong” Marcos Jr. on Monday signed the renewal agreement for the Malampaya Gas Field, which extends the production contract for another 15 years. | DYGalvezINQ
This extends the contract deadline to February 2039. The Malampaya Gas Field has been operational since 2001.
“This will allow for the continued production of the Malampaya gas field, ensuring that the remaining gas reserves are further explored and utilized,” the DOE said in a statement.Aside from continuing the production operations, the contract requires the conduct of a minimum work program consisting of geological and geophysical studies and the drilling of at least two deep water wells during the Sub-Phase 1 from 2024 to 2029.
This is aimed to “unlock the potential” in both the existing gas field and nearby prospect areas to provide incremental production, the DOE said. “The discovery of additional reserves in the Malampaya gas field will boost the country’s quest for energy security. It is also expected to encourage opportunities for further exploration in the country, which to date remains underexplored, and to add to the Philippines’ energy portfolio,” the agency added.Present at the event was businessman Enrique Razon whose Prime Infrastructure Capital Inc. earlier acquired Shell Pilipinas’ 45% stake in SC 38.
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