By Alec Go
President Ferdinand R. Marcos Jr. signed on Monday, the renewal agreement of the Malampaya Service Contract (SC) No. 38 to allow the production and utilization of Malampaya reserves until February 2039.
In his speech during the signing ceremony, Marcos said the renewal will also make way to further exploration and development of the gas field.
“Because of the contract renewal, the government will continue to generate revenues from the project through a favorable sharing scheme with private sector partners and government,” he said, noting that P374 billion in revenues have been generated by the project.
“Needless to say, this project will reduce our dependence on oil imports and will ensure a more stable supply of cleaner energy from an indigenous, local source,” he added.
Meanwhile, Marcos called on the Department of Energy to ensure the strict implementation and monitoring of the project and its alignment with the country’s national interests.
He also reiterated the government’s commitment to pursue “exploration, development, and utilization of the country’s indigenous energy resource,” as well as the optimization of its energy mix. – gb
