Marcos announces Malampaya gas discovery – BusinessWorld Online
The Philippines has made its first major natural gas discovery in more than a decade, a development that could strengthen domestic energy supply and support rising power demand, President Ferdinand R. Marcos, Jr. said on Monday.
The reservoir, called Malampaya East-1, lies about 5 kilometers east of the existing Malampaya gas field off Palawan province
“This additional resource can help support the government’s efforts for the stabilization of our power supply,” Mr. Marcos said in a video posted on his Facebook page.
The field is estimated to hold about 98 billion cubic feet of gas in place. This is equivalent to roughly 14 billion kilowatt-hours of electricity a year, enough to supply about 5.7 million households annually.
The discovery is expected to extend Malampaya’s role in the country’s energy mix and reinforce domestic gas supply in the coming years.
Initial tests showed the well flowing at about 60 million cubic feet of gas per day, a level Mr. Marcos said is comparable to the original Malampaya wells and indicates strong productivity.
The find also includes condensate, a high-value liquid fuel that could further support efforts to stabilize electricity supply. — Chloe Mari A. Hufana