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The Philippines awarded 8 new oil/gas contracts, the largest batch ever, to boost energy production and reduce imports.
The Philippines has awarded eight new petroleum service contracts, the largest single batch in its history, across key regions including the Sulu Sea, Palawan, and Central Luzon, with President Ferdinand R. Marcos Jr. signing the agreements.
The contracts, awarded after public bidding, are expected to attract $207 million in investment over seven years and aim to boost domestic energy production as the Malampaya gas field declines.
Three additional hydrogen and petroleum exploration contracts are under review, with three already sent to the Office of the President.
The move supports national energy security, reduces reliance on imports, and signals strong government backing for upstream development.
Las Filipinas adjudicaron 8 nuevos contratos de petróleo/gas, el lote más grande de la historia, para impulsar la producción de energía y reducir las importaciones.