Marcos inks new energy deals, hopes to reduce PHL dependence on oil imports

PRESIDENT Ferdinand R. Marcos, Jr. on Wednesday signed eight new petroleum service contracts (PSCs), representing a potential investment of around $207 million (around P12 billion) over a seven-year exploration period.

- Sheldeen Joy Talavera Reporter

The Department of Energy (DoE) said the awarding of these service contracts (SC) means that exploration for potential petroleum and hydrogen sources in key areas across the Sulu Sea, Cagayan, Cebu, Northwest Palawan, East Palawan, and Central Luzon can now begin.

"Unlocking over $200 million in investments, these service contracts represent our continued efforts to attain greater energy security, and therefore, economic stability, and self-reliance," Mr. Marcos said in his speech during the official presentation of the signed agreements at Malacañan Palace.

The Philippines is a major importer of petroleum products, which are primarily sourced from the Middle East.

Mr. Marcos said the country imported over 340,600 barrels of liquid fuel last year, equivalent to approximately 99.68% of the Philippines' entire petroleum supply.

To reduce dependence on imported oil and increase the utilization of indigenous resources, the Philippines also explores the potential of hydrogen as an alternative fuel.

"These service contracts signify not only our determination to secure new energy sources, but also our readiness to embrace innovation and sustainability while reducing import dependence," said Energy Secretary Sharon S. Garin.