Marcos: New petroleum service contracts to encourage foreign investors

President Ferdinand ''Bongbong'' Marcos Jr. expressed confidence that the new petroleum service contracts would encourage foreign partners to invest in the Philippines' energy resources.

Marcos made the remark at the presentation of eight petroleum service contracts in Kalayaan Hall, Malacañang Palace.

''These efforts will capture the interest of more international partners to invest in our country and to join our quest to discover new indigenous resources. This progress would not have been possible without our private partners and investors who are with us today,'' Marcos said in his speech.

According to Marcos, the eight service contracts are seen as a deliberate step towards securing the country's energy future.

With more that $200 million in investments, Marcos said these service contracts represent the government's continued efforts ''to attain greater energy security, and therefore, economic stability, and self-reliance.''

''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,'' Marcos said.

''In the vast waters of Palawan and the Sulu Sea, we are exploring offshore oil and gas reserves. There are also known petroleum resource potential in the provinces of Cagayan and in Cebu,'' he added.

He said these prospective sources of local fuel could provide power to homes as well as generate employment and opportunities to boost industries.

According to the Department of Energy, the new contracts cover exploration areas across the Sulu Sea, Cagayan, Cebu, Northwest Palawan, East Palawan, and Central Luzon.

The new contracts also include the world's first competitive bid round for native hydrogen, alongside co-managed petroleum projects with the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), the DOE said, noting that this is a milestone for inclusive and regionally balanced energy development.

The activities will include geological and geophysical surveys such as seismic and aeromagnetic studies to identify drillable prospects, with the aim to discover both native hydrogen reservoirs and new petroleum fields.

Aside from exploration, service contractors will also finance and undertake educational scholarships, capacity-building, and community development programs even during the early exploration phase.

The DOE released the full list of PSCs including the following:

• PSC Nos. 80 and 81 were awarded to a consortium composed of Triangle Energy (Global) Limited, an Australian company; Sunda Energy Plc, registered in the United Kingdom; and Philippine-based firms PXP Energy Corporation and The Philodrill Corporation;
• PSC No. 82 located in Cagayan basin and has an area of 480,000 hectares was awarded to Triangle Energy (Global) Limited;
• PSC Nos. 83 and 84, both for native hydrogen exploration in Central Luzon, were awarded to Koloma, Inc., a company based in the United States. SC 83 covers 126,645 hectares while SC 84 covers 85,082 hectares;
• PSC No. 85, covering 127,475 hectares in onshore Cebu, was awarded to Gas 2 Grid Pte. Ltd;
• PSC No. 86, awarded to consortium of Filipino companies composed of The Philodrill Corporation, Anglo Philippine Holdings Corporation, PXP Energy Corporation, and Forum Energy Philippines Corporation, covers 132,000 hectares in the Northwest Palawan Basin; and
• PSC No. 87, located in the East Palawan Basin, was awarded to Ratio Petroleum Ltd. of Israel.

— RSJ, GMA Integrated News