Philippines – Marcos unveils $207-M petroleum, hydrogen gas exploration deals
MANILA – President Ferdinand R. Marcos Jr. on Wednesday led the signing of eight new Petroleum Service Contracts (PSCs) worth USD207 million to boost the country’s energy security and reduce its dependence on imported fuel.
The contracts — covering exploration areas in Palawan, Sulu, Cagayan, Cebu, and Central Luzon — mark the largest batch of PSCs awarded in Philippine history, including the country’s first-ever native hydrogen exploration deals.
Marcos said during the ceremony in Malacañang,
These service contracts represent our continued efforts to attain greater energy security, economic stability, and self-reliance,
The President noted that the Philippines remains “heavily dependent on imported oil,” citing that 99.68 percent of petroleum needs in 2024 were imported, while only 0.32 percent came from local production.
He said,
At pag nagtaas ang presyo ng gasolina o krudo sa pandaigdigang merkado, ang mga ordinaryong Pilipino ang nahihirapan (When the price of gasoline or crude oil rises in the global market, it is the ordinary Filipino who suffers),
The new PSCs are expected to unlock fresh investments in oil, gas, and hydrogen exploration, generating local jobs and stimulating regional development.
Among the awarded contracts are two jointly managed with the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) — a first since the passage of the Bangsamoro Organic Law — covering exploration in the Sulu Sea.
Marcos also hailed the country’s first hydrogen exploration contracts in Central Luzon, calling them “a signal of readiness to lead in sustainable innovation.”
The President said,
Sa pamamagitan ng mga service contract na ito, magkakaroon ng kasiguruhan ang suplay ng enerhiya sa bansa (Through these service contracts, we ensure a stable energy supply for the nation),
Energy Secretary Sharon Garin said the contracts would revitalize the upstream energy sector, attract international investors and advance the country’s shift toward cleaner and more sustainable energy sources.
The Department of Energy said exploration activities under the PSCs would include seismic, geological, and geophysical studies over a seven-year exploration period, with contractors funding local development programs even before commercial production begins.
Marcos assured investors that his administration is streamlining processes and offering incentives to encourage responsible exploration.
He said,
Progress must be achieved with integrity, responsibility, and respect for our people,
Below is the list of the eight new PSCs signed by the President:
–PSC 80 – Sulu Sea Basin (PDA-BP-2)
Consortium: Triangle Energy (Global) Limited, Sunda Energy Plc., PXP Energy Corporation, The Philodrill Corporation
–PSC 81 – Sulu Sea Basin (PDA-BP-3)
Consortium: Triangle Energy (Global) Limited, Sunda Energy Plc., PXP Energy Corporation, The Philodrill Corporation
–PSC 82 – Cagayan Basin (NA-11)
Operator: Triangle Energy (Global) Limited
–PSC 83 – Central Luzon (PDA-PH-1)
Operator: Koloma, Inc. – native hydrogen exploration
–PSC 84 – Central Luzon (PDA-PH-2)
Operator: Koloma, Inc. – native hydrogen exploration
–PSC 85 – Visayan Basin (NA-12)
Operator: Gas 2 Grid Pte. Ltd.
–PSC 86 – Northwest Palawan Basin (NA-10)
Consortium: The Philodrill Corporation, Anglo Philippine Holdings Corp., PXP Energy Corporation, Forum Energy Philippines
–PSC 87 – East Palawan Basin (PDA-3)
Operator: Ratio Petroleum Ltd. of Israel
The signing of these contracts, Marcos said, is “a deliberate step towards securing the country’s energy future” and ensuring the Philippines “stands on its own — secure in its energy, strong in its economy, and steady in its commitment to future generations.” (PNA)
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Philippines – Marcos unveils $207-M petroleum, hydrogen gas exploration deals, source
