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Manila Bulletin devider Philippines devider National devider PH keeps presence in oil-rich area with Malampaya extension--Recto

PH keeps presence in oil-rich area with Malampaya extension--Recto

Published May 16, 2023 02:49 am
West Philippine Sea (Wikipedia)


Maintaining Philippine presence in an oil-rich area is another advantage of the Malampaya service deal extension. Thus, said House Deputy Speaker and Batangas 6th district Rep. Ralph Recto, who hailed President Ferdinand "Bongbong" Marcos Jr.'s signing on Monday, May 15 of the 15-year extension of the Malampaya Service Contract No. 38 (SC 38). "The extension of the Malampaya Service Contract for 15 years not only guarantees our supply of that strategic fuel, but retains our presence in an area regarded as harboring big oil and gas deposits," Recto said. The Malampaya gas field is located 80 kilometers off the coast of Palawan Island. Further out is the West Philippine Sea (WPS), which has long been thought to be a resource-rich area. The WPS represents the maritime area within the Philippines' 200-nautical mile exclusive economic zone (EEZ). The Malampaya service deal was originally set to expire on Feb. 22, 2024. "When Malampaya goes dry, Luzon goes dark. That is how important it is." "Corporations require regulatory stability to put in more investments, and the extension of the contract provides the stable business climate that will ensure that this national resource will be harnessed for the greater good," added Recto.

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Malampaya gas field Malampaya ralph recto WPS
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