Marcos bares successful testing of Camago-3 well

Amid the energy challenges, President Ferdinand “Bongbong” Marcos Jr. on Thursday announced the successful drilling and testing of the Camago-3 well, a second major milestone under the $893 million Malampaya Phase 4. 

“Today, I am proud to announce another step forward in our mission to secure affordable, reliable energy for every Filipino,” Marcos said in a video message.

“The Camago-3 well has been successfully drilled and tested, producing up to 60 million standard cubic feet of gas per day. It is the campaign and it is significantly larger than our first,” he added. 

Camago 3 drilling and testing (Screengrab from PCO)

Marcos said the Camago-3 holds an estimated 2.5 times more recoverable gas than the Malampaya East-1 discovery. 

“Together, these two wells are projected to extend the life of the Malampaya gas field by an estimated six years,” he said. 

Marcos underscored that this means a steadier and cheaper power supply for the country. 

“Malampaya gas costs us roughly ₱4.80 per kilowatt-hour. Imported LNG costs ₱10.30. More than double,” Marcos said. 

“Every unit of power we generate from Malampaya instead of imported fuel is money saved by households, by small businesses, by every Filipino who pays an electricity bill,” he added. —LDF, GMA Integrated News