THE Department of Energy cited the renewal of the Malampaya service contract and enforcement of renewable energy policies as among the major accomplishments of the current administration, which has been pushing for energy security amid rising world oil prices.
In his 2022 State of the Nation Address, President Ferdinand R. Marcos Jr. noted the “uncertain policy in upstream gas, particularly in the area close to Malampaya.”The government took the lead in providing investment incentives by approving the sale of shares of Shell Philippines Exploration B.V.’s 45-percent stake in SC 38 to MEXP Holding Pte. Ltd. on September 30, 2022.
The approval also led to the extension of SC 38, requiring the Malampaya consortium to explore the area around Malampaya for new wells. The DOE also said that with the renewal of the Malampaya SC 38, First Gen Corp. and Prime Energy has forged an alliance that will allow Prime Energy to lease and operate the First Gen’s LNG terminal.
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