Marcos optimistic on finding further energy reserves at Malampaya gas field
Marcos mentioned this at the start of his speech during the groundbreaking ceremony of the Caticlan Passenger Terminal Building in Nabas, Aklan. He mentioned the presence of Energy Secretary Sharon Garin at the event.
''Energy Secretary Sharon Garin, who is with us today because after here, we are going to fly by the rig in Malampaya that is now slowly drilling down into the seabed with a reasonable chance of success of finding further reserves...," Marcos said.
In October of last year, Razon-led Prime Energy Resources Development B.V.'s plan to drill new deepwater wells at the Malampaya gas field received a certification, which will pave the way for faster regulatory approvals of the project.
The firm said that the Malampaya Phase 4 project has secured the Energy Project of National Significance (EPNS) certification from the Department of Energy. This certification refers to major energy projects that are in consonance with the policy thrust and implementation of the Philippine Energy Plan (PEP).
The Malampaya Phase 4 entails the drilling of the Camago and Malampaya East production wells and the drilling of the Bagong Pag-asa exploration well.
The planned drilling and development would require an investment of more than $600 million.
So far, Malampaya has contributed over $13.8 billion to the Philippine government since its commercial operations began in 2001.
It supplies about 20% of Luzon's electricity needs and has significantly contributed to the nation's energy independence since 2001. —KG, GMA Integrated News
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