President Ferdinand “Bongbong” Marcos Jr. signed Monday the renewal agreement for the Malampaya Service Contract 38 , allowing the continued production of the gas field for another 15 years.
He said the renewed SC 38 will generate more revenues for the government, given that the Malampaya gas project has generated a total of P374 billion of revenues since the project started in 1990. The Malampaya gas-to-power facility fuels three gas-fired power plants with a total generating capacity of 2,700 megawatts —providing up to 30% of the power generation needs of Luzon.
It also required the conduct of exploratory drilling away from the Malampaya production area within the service contract for the consortium to retain the exploration areas, else relinquish a portion.