Manila: President Ferdinand R. Marcos Jr. led the signing of eight new Petroleum Service Contracts (PSCs) valued at USD207 million, aiming to bolster the Philippines' energy security and lessen its reliance on imported fuel. The contracts, which cover exploration areas in Palawan, Sulu, Cagayan, Cebu, and Central Luzon, represent the largest batch of PSCs awarded in Philippine history, including the country's first-ever native hydrogen exploration deals.
According to Philippines News Agency, these service contracts are part of continued efforts to achieve greater energy security, economic stability, and self-reliance. During the ceremony held in Malaca±ang, President Marcos emphasized the country's heavy dependence on imported oil, noting that 99.68 percent of petroleum needs in 2024 would be met through imports, with only 0.32 percent coming from local production. He highlighted the impact of global oil price fluctuations on ordinary Filipinos, stressing the importance of these explorations in ensuring a stable energy supply.
The new PSCs are set to stimulate local investments in oil, gas, and hydrogen exploration, creating jobs and fostering regional development. Notably, two of the contracts are jointly managed with the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), marking a first since the passage of the Bangsamoro Organic Law, covering exploration in the Sulu Sea.
President Marcos also hailed the first hydrogen exploration contracts in Central Luzon as a signal of readiness to lead in sustainable innovation. Energy Secretary Sharon Garin stated that the contracts would revitalize the upstream energy sector, attract international investors, and advance the country's shift toward cleaner and more sustainable energy sources.
The Department of Energy outlined that exploration activities under the PSCs would involve seismic, geological, and geophysical studies over a seven-year period, with contractors funding local development programs even before commercial production begins. President Marcos assured investors that his administration is simplifying processes and offering incentives to encourage responsible exploration, emphasizing the importance of progress with integrity, responsibility, and respect for the people.
The eight new PSCs signed by the President are as follows:
- PSC 80 - Sulu Sea Basin (PDA-BP-2)
Consortium: Triangle Energy (Global) Limited, Sunda Energy Plc., PXP Energy Corporation, The Philodrill Corporation
- PSC 81 - Sulu Sea Basin (PDA-BP-3)
Consortium: Triangle Energy (Global) Limited, Sunda Energy Plc., PXP Energy Corporation, The Philodrill Corporation
- PSC 82 - Cagayan Basin (NA-11)
Operator: Triangle Energy (Global) Limited
- PSC 83 - Central Luzon (PDA-PH-1)
Operator: Koloma, Inc. - native hydrogen exploration
- PSC 84 - Central Luzon (PDA-PH-2)
Operator: Koloma, Inc. - native hydrogen exploration
- PSC 85 - Visayan Basin (NA-12)
Operator: Gas 2 Grid Pte. Ltd.
- PSC 86 - Northwest Palawan Basin (NA-10)
Consortium: The Philodrill Corporation, Anglo Philippine Holdings Corp., PXP Energy Corporation, Forum Energy Philippines
- PSC 87 - East Palawan Basin (PDA-3)
Operator: Ratio Petroleum Ltd. of Israel
President Marcos stated that the signing of these contracts is "a deliberate step towards securing the country's energy future," ensuring that the Philippines "stands on its own - secure in its energy, strong in its economy, and steady in its commitment to future generations."
