President Ferdinand R. Marcos Jr. on Monday renewed the production contract for the Malampaya gas field in northwest Palawan, extending it for 15 years until Feb. 22, 2039.
“Today we mark a very significant milestone as we pursue another huge endeavor that will promise monumental rewards for our country and our people,” Marcos said at the signing ceremony for the contract renewal at the Palace.
“Through the stringent due diligence observed, the government aims to uphold responsible and sustainable energy practices while effectively managing the valuable resource that is the Malampaya gas field,” Lotilla said. “This is a significant development for our national energy security and independence. The Malampaya asset will continue what it has started in operating this world-class installation for further exploration and utilization of the country’s remaining gas reserves, as well as open up the other potential near field areas for future production,” said Prime Infrastructure Capital, Inc. chairman Enrique K. Razon Jr.
The agreement also requires the SC 38 Consortium to conduct a minimum work program consisting of geological and geophysical studies and the drilling of at least two deep water wells during sub-phase 1 from 2024 to 2029. Lotilla said the discovery of additional reserves in the Malampaya gas field will boost the country’s quest for energy security.
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