DoE: New Malampaya deal opens doors to more projects

of the Marcos administration that focus on indigenous energy sources for reliable, stable and affordable electricity supply.

The DOE said this would jump start the exploration and development of other fields in the area which reportedly contain up to 210 billion cubic feet more of natural gas. Prime Exploration Ptd. Ltd. led by businessman Enrique Razon Jr. formalized in July 2022 its purchase of MEXP, which had acquired the Shell shares.

The contract extension also required the consortium to put in place a minimum work program for geological and geophysical studies and to drill at least two deep-water wells from 2024 to 2029.

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