Philippines hits gas at Malampaya amid energy crisis
MANILA, Philippines — Ferdinand Marcos Jr. on Thursday, March 26, announced that the Philippines has successfully struck gas in the Malampaya gas fields at the Camago-3 well.
The drilling project, located offshore in Palawan, is part of an $893-million investment by business tycoon Enrique Razon and his partners. An earlier discovery was also made at Malampaya East 1, which marked the first time that gas was found in the area in over a decade.
In a video statement, Marcos said that the Camago-3 well produces up to 60 million standard cubic feet of gas per day.
“It is the second major milestone under our $893 million Malampaya Phase 4 campaign, and it is significantly larger than our first. Camago-3 holds an estimated 2.5 times more recoverable gas than the Malampaya East 1 discovery,” Marcos said.
“So together, these two wells are projected to extend the life of the Malampaya gas field by an estimated six years,” he added,
Marcos said that this discovery spells steadier and cheaper power, noting that Malampaya gas costs P4.80 per kilowatt hour, while imported liquefied natural gas costs P10.30.
“We are targeting first gas delivery by the fourth quarter of 2026 and we are not stopping there. The next well, Bagong Pag-asa, sits 30 kilometers north of Malampaya and is already in the works,” Marcos said.
The president said that this discovery is all the more important now, amid the ongoing fuel crisis caused by the war in the Middle East.
The US-Israel war on Iran has sent fuel prices soaring, with inflation feared to follow. The Philippines has since declared a state of national energy emergency.
- Latest
- Trending
