President Ferdinand Marcos Jr. asserted this Monday that the Malampaya gas field would play a vital part in securing energy for the country and on economic fronts while also building confidence in discovering more reserves now being explored.
At the groundbreaking of the Caticlan Passenger Terminal Building in Nabas, Aklan, the President then added that his next stop would take him to the drilling site at Malampaya, where operations are currently underway to tap more natural gas from the seabed.
The discovery of new reserves is part of the Malampaya Phase 4 project, headed by Prime Energy Resources Development B.V. The project certification as Energy Project of National Significance (EPNS) was given by the Department of Energy (DOE) last year. With this certification, regulatory approvals are fast-tracked, since the project is aligned with the national Philippine Energy Plan and is strategically important to the nation.
Phase 4 consists of drilling more production wells in Camago and Malampaya East and the exploration of the Bagong Pag-asa well.
Energy officials have said it is important to maintain and increase Malampaya production to reduce the country’s dependence on imported fuel, stabilize electricity at lower prices, and support economic activities. The gas field currently accounts for approximately 20 percent of Luzon’s total power demand.
The president’s statement coincides with the intensifying call to ensure the nation’s energy future and lure further investments to the Indigenous energy development.
