Philippines’ new gas find fuels energy diversification hopes
With gas supply at a current well set to run out by 2027, potential new sources could help avert an energy crisis in Luzon
He said MAE-1 was estimated to contain about 98 billion cubic feet of gas, roughly equivalent to around 14 billion kilowatt-hours of electricity generation annually – or enough to power more than 5 million homes for a year.
“Initial test results show that the well flowed at 60 million cubic feet per day,” Marcos said in a social media post. “This indicates the well has the potential to produce even more, confirming that it is a high-productivity resource comparable to the original Malampaya wells.”
The discovery is being developed by the Service Contract 38 consortium led by Prime Energy, owned by Filipino tycoon Enrique Razon, alongside local partners UC38, PNOC Exploration Corporation and Kuwait-based Prime Oil and Gas.
Prime Energy said in a statement that the well’s estimated volume was equivalent to about one-third of Malampaya’s remaining reserves.