Prime Energy is driving the country’s next phase of energy exploration with a firm commitment to help secure the Philippines’ energy independence through the continued development of indigenous gas resources.
“In this era of energy transition, where risks are real and opportunities are emerging across a shifting power map, our task is clear: to make our very own Filipino gas a bridge that unifies the industry and serves as a force for good for Filipinos,” said Donnabel Kuizon Cruz, President and CEO of Prime Energy, during the PowerTrends 2025 International Business Forum held on October 2.
Cruz underscored the role of indigenous natural gas in achieving the Philippines’ renewable energy targets while maintaining stability in power supply and pricing.
“Apart from stabilizing the reliability and cost of generation, indigenous gas production is one of the government’s key revenue sources and economic enablers,” she said.
Since beginning operations in 2001, the Malampaya project has supplied up to 40 percent of Luzon’s energy demand and generated USD13.9 billion in revenues for the government.
Under the leadership of the Department of Energy (DOE), Prime Energy and its Service Contract (SC) 38 consortium partners Prime Oil & Gas, Inc., UC38 LLC, and state-owned PNOC Exploration Corporation have revived the exploration of indigenous gas resources through the Malampaya Phase 4 project. The USD893-million project is the largest upstream investment in the Philippines in over a decade.
The project covers the drilling of three new wells, namely Camago 3, Malampaya East 1, and Bagong Pag-asa 1, to prolong the life of the Malampaya gas field, targeting to deliver new gas by 2026.
The Philippines seeks to increase the RE share in the power generation mix to 30 percent by 2030 and 50 percent by 2040 under the Philippine Energy Plan.
Natural gas power plants complement this transition as these operate with the daily intermittency of most RE sources and emit approximately 50% less carbon dioxide than coal-fired generation.
“Through the collective efforts of brave Filipinos, the runway has been set for a new era of exploration in the Philippines. MP4, the first project of an all-Filipino-led consortium, is the first step. We are definitely going all-in to generate more indigenous energy,” Cruz said.
“Let us harness Filipino resolve to build a sustainable, affordable, and secure future powered by our own resources, our own people, and our shared vision,” she said.
