Philippines to maximise oil and gas resources, Marcos says

THE Philippines intends to maximise its oil and gas resources, and will keep the tax breaks in the energy sector to attract more investors, President Ferdinand Marcos Jr said on Tuesday (Oct 11). 

The Energy Department recently allowed Nido Petroleum Philippines to proceed with the site survey of its drilling locations this quarter, which will pave the way for the drilling of two wells in the first half of 2023, Marcos said in a statement. Nido Petroleum is a unit of Australian firm Sacgasco.

The Cadlao oil field off the nation’s western coast may have early oil production toward the second half of 2023, he said. Recoverable volumes from the oil field are expected at 5 to 6 million barrels, he added.

Marcos has pledged to prioritise energy security and lowering power costs, as imported oil fans inflation. His administration has engaged in fuel talks with Russia, and is also seeking a compromise with Beijing on oil exploration in the disputed South China Sea. BLOOMBERG