MANILA: President Ferdinand Marcos Jr (pic) on Wednesday (Oct 8) unveiled eight new Petroleum Service Contracts (PSCs) covering exploration areas in the Sulu Sea, Cagayan, Cebu, northwest Palawan, east Palawan and central Luzon.
PSCs are agreements between the government and the private sector that allow the latter to explore, develop and produce petroleum resources within designated areas.
In his speech, Marcos said the agreements would ensure a sufficient energy supply for the present and future generations.
“Through these service contracts, our country will have a secure supply of energy—enough to meet our needs not only today but also for the future of our children and the generations to come,” he said.
Valued at US$200 million, or around P11.6 billion, these PSCs will pave the way for the exploration of offshore gas and oil reserves in Palawan and the Sulu Sea, as well as hydrogen exploration in central Luzon, among others.
“Consequently, 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,” the president said.
“We will continue to update and upgrade our processes to make them more responsive to the needs of our investors and our communities. In return, I encourage our investors to turn your investments into engines of progress,” he added.
The Department of Energy, through its Philippine Conventional Energy Contracting Program, evaluated applications that were found legally, technically and financially qualified to enter into PSCs for their areas. - Philippine Daily Inquirer/ANN
