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According to the report, President Ferdinand R. Marcos Jr. on Wednesday led the signing of eight new Petroleum Service Contracts (PSCs) worth USD207 million to boost the country’s energy security and reduce its dependence on imported fuel. The contracts — covering exploration areas in Palawan, Sulu, Cagayan, Cebu, and Central Luzon — mark the largest batch of PSCs awarded in Philippine history, including the country’s first-ever native hydrogen exploration deals.
The report said that these service contracts represent our continued efforts to attain greater energy security, economic stability, and self-reliance,” Marcos said during the ceremony in Malacañang. The President noted that the Philippines remains “heavily dependent on imported oil,” citing that 99.68 percent of petroleum needs in 2024 were imported, while only 0.32 percent
Marcos also hailed the country’s first hydrogen exploration contracts in Central Luzon, calling them “a signal of readiness to lead in sustainable innovation.”
The report added that the Energy Secretary Sharon Garin said the contracts would revitalize the upstream energy sector, attract international investors, and advance the country’s shift toward cleaner and more sustainable energy sources.
In addition to the report, the Department of Energy said exploration activities under the PSCs would include seismic, geological, and geophysical studies over a seven-year exploration period, with contractors funding local development.
Source: PNA
The report said that these service contracts represent our continued efforts to attain greater energy security, economic stability, and self-reliance,” Marcos said during the ceremony in Malacañang. The President noted that the Philippines remains “heavily dependent on imported oil,” citing that 99.68 percent of petroleum needs in 2024 were imported, while only 0.32 percent
Marcos also hailed the country’s first hydrogen exploration contracts in Central Luzon, calling them “a signal of readiness to lead in sustainable innovation.”
The report added that the Energy Secretary Sharon Garin said the contracts would revitalize the upstream energy sector, attract international investors, and advance the country’s shift toward cleaner and more sustainable energy sources.
In addition to the report, the Department of Energy said exploration activities under the PSCs would include seismic, geological, and geophysical studies over a seven-year exploration period, with contractors funding local development.
Source: PNA