The Market Monitor Minding the Nation's Business
Energy Secretary Sharon Garin has assured the timely implementation of eight new petroleum service contracts (PSCs) recently approved by President Ferdinand R. Marcos Jr., covering exploration areas across the Sulu Sea, Cagayan, Cebu, Northwest Palawan, East Palawan, and Central Luzon.
The Department of Energy (DOE) said the contracts were awarded through a transparent and competitive selection process under the Philippine Conventional Energy Contracting Program (PCECP).
PSC Nos. 80 and 81 were awarded to a consortium composed of Triangle Energy (Global) Limited from Australia, Sunda Energy Plc from the United Kingdom, and Philippine firms PXP Energy Corporation and The Philodrill Corporation. The projects, to be co-managed with the Bangsamoro Autonomous Region in Muslim Mindanao’s Ministry of Environment, Natural Resources and Energy, will cover about 1.3 million hectares in the southern Sulu Sea.
Triangle Energy (Global) Limited also secured PSC No. 82 in the Cagayan Basin, spanning 480,000 hectares.
US-based Koloma, Inc. obtained PSC Nos. 83 and 84 for native hydrogen exploration in Central Luzon, covering about 211,000 hectares combined. Gas 2 Grid Pte. Ltd. of Singapore won PSC No. 85 in onshore Cebu (127,475 hectares), while PSC No. 86 in the Northwest Palawan Basin went to a consortium of Filipino firms—The Philodrill Corporation, Anglo Philippine Holdings Corporation, PXP Energy Corporation, and Forum Energy Philippines Corporation (132,000 hectares).
PSC No. 87 in the East Palawan Basin was awarded to Ratio Petroleum Ltd. of Israel.
Garin said the new contracts “signify not only our determination to secure new energy sources, but also our readiness to embrace innovation and sustainability while reducing import dependence.”
“From conventional petroleum to native hydrogen, we are expanding the frontiers of Philippine energy exploration,” she said, adding that the initiative will “empower regions, build local capacity, and create opportunities for our people.”