Marcos signs eight petroleum service contracts worth $207 million – BusinessWorld Online
President Ferdinand R. Marcos, Jr. has signed eight petroleum service contracts representing a potential investment commitment of about $207 million over a seven-year exploration period, the Department of Energy (DoE) said on Wednesday.
The awarded contracts cover exploration areas in the Sulu Sea, Cagayan, Cebu, Northwest Palawan, East Palawan, and Central Luzon, the DoE said in a statement.
The service contractors may now begin their respective work programs, which include geological and geophysical studies, seismic surveys, and drilling activities as applicable.
“These service contracts signify not only our determination to secure new energy sources, but also our readiness to embrace innovation and sustainability while reducing import dependence,” Energy Secretary Sharon S. Garin said.
“From conventional petroleum to native hydrogen, we are expanding the frontiers of Philippine energy exploration,” she added.– Sheldeen Joy Talavera
