The Malampaya consortium, now led by tycoon Enrique Razon’s Prime Infra, is currently on track with its work program. This includes the drilling of two new wells that have the potential to yield an additional 210 billion cubic feet of natural gas.
During the “Pandesal Forum,” Energy Secretary Rapahel “Popo” Lotilla shared the good news with President Ferdinand Marcos Jr. Lotilla stated that the first drilling for the nearby fields is expected to be completed by the end of 2024. Additionally, the consortium anticipates new or additional supply from the same service contract by 2026. This news is significant as it further encourages investments in the oil and gas sector and reflects the government’s commitment to achieving and maintaining energy security and independence.
The 15-year renewal of Malampaya Service Contract No. 38 (SC 38) was signed by President Ferdinand Marcos Jr. on February 22, 2024, extending it until 2039. Lotilla highlighted that since Marcos assumed office, the energy sector has been dedicated to stabilizing the investment environment, resulting in the successful contract renewal.
To retain the exploration areas, the SC 38 consortium is required to conduct exploratory drilling further away from the Malampaya production area. This drilling is part of the consortium’s minimum work program, which also includes geological and geophysical studies and the drilling of at least two deepwater wells during sub-phase 1 from 2024 to 2029. The consortium is led by Prime Energy Resources Development B.V., with a 45% stake, followed by UC38 LLC with another 45% stake, and Philippine National Oil Company-Exploration Corp. (PNOC-EC) with the remaining 10% stake.
In addition to the existing gas field, the Malampaya consortium’s work program aims to unlock the potential of the nearby prospect areas for incremental production. The best estimate for the near field is an additional 210 billion cubic feet of gas.
TSB
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