On the 19th, Philippine President Marcos Jr. announced that the Philippines has discovered new natural gas for the first time in over a decade.
He stated in a video posted on Facebook that this gas field is estimated to contain about 98 billion cubic feet of natural gas.
He said: “This will help strengthen the contribution of the Malampaya gas field and reinforce our domestic natural gas supply for years to come.”
He pointed out that this is equivalent to generating nearly 14 billion kilowatt-hours of electricity per year, enough to supply more than 5.7 million households, 9,500 buildings, or nearly 200,000 schools for a year.
Currently, the Malampaya gas field supplies about 20% of the energy needs of Luzon, the largest island in the Philippines.
Marcos Jr. stated that preliminary test results showed that this exploratory well has a daily gas production of 60 million cubic feet, and even greater production potential. This discovery is an important step for the Philippines to reduce dependence on imported energy.
According to Nikkei Asia, this gas field, named Malampaya East-1, is located 5 kilometers east of the Malampaya gas field, offshore west of Palawan Island.
According to AFP, the cost of energy in the Philippines is among the highest in the region and the country faces an imminent crisis because the Malampaya gas field is expected to run dry in the coming years.
The Philippines often suffers from power shortages, with over half of its electricity generation relying on imported coal.