President Ferdinand R. Marcos Jr. on Wednesday said the eight newly signed Petroleum Service Contracts (PSCs) will contribute to the country’s energy security, wealth creation and employment generation.
“Unlocking over 200 million dollars in investments, these service contracts represent our continued efforts to attain greater energy security, and therefore, economic stability, and self-reliance,” President Marcos said during the formal presentation ceremony held in Malacañan Palace.
“Through these service contracts that will pave the way for explorations in Palawan, Sulu, Cagayan, Cebu, and Central Luzon, we open new opportunities for our energy sector.That is why today’s presentation of eight service contracts is a deliberate step towards securing our energy future,” the President added.
The Chief Executive said the government remains fully committed to lowering the country’s dependence on imported oil.
In 2024, the President said the country imported around 340,600 barrels of liquid fuel, representing approximately 99.68 percent of the Philippines’ entire petroleum supply.
Also last year, 46.15 percent of the country’s natural gas requirement was imported, while 53.85 percent came from the Malampaya gas field off Palawan.
“These numbers attest to our reliance on imported fuel, making us vulnerable to forces beyond our control. At ‘pag nagtaas ang presyo ng gasolina o krudo sa pandaigdigang merkado, ang mga ordinaryong Pilipino ang nahihirapan,” President Marcos said.
Through the newly awarded PSCs, the government authorized exploring offshore oil and gas reserves in the vast waters of Palawan and the Sulu Sea, as well as known petroleum resource potential in the provinces of Cagayan and Cebu, the President said.
Even more remarkable, the President pointed out, these are the very first service contracts for the exploration of native hydrogen gas in the country.
“In Central Luzon, we are charting new ground. We are venturing into the exploration of hydrogen—a clean, zero-carbon source of energy that holds immense promise for our country and for the world,” President Marcos stated. This signals our readiness to lead in sustainable innovation.” (PND)
