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Manila Bulletin devider Business devider The Stock Market devider Prime Energy says Malampaya phase 4 on track for 2026 first gas

Prime Energy says Malampaya phase 4 on track for 2026 first gas

Published Mar 26, 2026 07:00 pm
Prime Energy Resources Development NV and its partners are on track to begin gas production from the fourth phase of the Malampaya deep-water gas-to-power project by the final quarter of 2026, following successful drilling results at a key offshore well.
The Camago-3 well, located in offshore Palawan, flowed at rates of up to 60 million standard cubic feet of gas per day during testing, operator Prime Energy said in a statement on Thursday, March 26.
The Department of Energy (DOE) confirmed the completion of the flow test, which signals a significant boost to the remaining reserves of the Philippines’ only indigenous natural gas source.
The latest results from Camago-3 indicate a resource approximately 2.5 times larger than the discovery at the Malampaya East-1 well announced in January.
Combined, the two wells are expected to extend the operating life of the Malampaya field by about six years, providing a critical buffer for the Luzon power grid as the country seeks to bolster its energy security.
Prime Energy, a subsidiary of billionaire Enrique Razon’s Prime Infrastructure Capital Inc., leads the Service Contract 38 consortium. The group includes UC38 LLC, Prime Oil & Gas Inc., and the state-owned PNOC Exploration Corp.
The consortium is currently executing the $893 million Malampaya Phase 4 investment campaign, which involves the first installation of new subsea pipelines to the Malampaya platform since 2000.
The project is positioned as a strategic hedge against the price volatility of imported fuels. Prime Energy noted that Malampaya’s fuel cost equivalent stands at approximately ₱4.80 per kilowatt-hour, significantly lower than the roughly ₱10.30 per kilowatt-hour associated with imported liquefied natural gas.
Maintaining indigenous supply is seen as vital for stabilizing electricity costs for Filipino consumers amid fluctuating global energy markets.
Management characterized the progress as “top quartile” performance for the international oil and gas industry, noting that these milestones were achieved less than three years after the renewal of the Malampaya service contract. The project has contributed more than $14 billion in revenue to the Philippine government since it began operations.
The consortium’s next focus will be the drilling of the Bagong Pag-asa exploration well, situated approximately 30 kilometers north of the main Malampaya field. If gas is confirmed at that site, the well will undergo further testing to determine its commercial production potential.

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