Prime Energy Resources Development NV is moving to solidify the future of the Philippines’ most critical energy asset by initiating data reviews for a new exploration well that could further extend the lifespan of the Malampaya gas field.

In a briefing on Tuesday, April 14, Donnabel Kuizon-Cruz, Prime Energy president and chief executive officer, said the Razon-led operator expects to finalize its assessment of the Bagong Pag-asa well by mid-2026.

The venture is a high-risk, high-reward play, Cruz told reporters, noting that the Bagong Pag-asa site is located approximately 30 kilometers north of the primary field.

Unlike the Malampaya East wells, which share a similar “play” or geological characteristic with current production areas, this new well requires a more intensive, months-long technical review to determine if it is commercially viable. If the data proves favorable, the project will transition into a formal testing phase.

The push for new indigenous sources comes as Prime Energy nears the finish line for Phase 4 of the Malampaya deep-water gas-to-power project.

Cruz confirmed the expansion remains on track for completion by the final quarter of 2025. The project aims to arrest the natural decline of the field and sustain production capacity above the current range of 210 million to 230 million standard cubic feet per day.

The speed of the current expansion has been a point of emphasis for the company. While similar deep-water projects typically require five to seven years to reach completion, Cruz noted that the all-Filipino team managed to execute the current phase in three years.

Recent appraisal activities have already yielded positive results for the consortium. The Camago-3 well, located offshore Palawan, flowed at a rate of 60 million standard cubic feet per day during testing.

Furthermore, a recent find at the Malampaya East-1 well is estimated to hold approximately 98 billion cubic feet of gas. Together, these incremental additions are expected to extend the productive life of the Malampaya contract by at least six years.

Beyond the immediate vicinity of the existing infrastructure, Prime Energy is weighing further exploration across its service contract. A team of geologists and petrophysicists is currently refreshing the company’s work program and budget to identify the next targets.

While the specific coordinates of these prospective blocks remain confidential, the company signaled it is not tethered to a single area as it seeks to bolster the country’s energy security.

The Malampaya field is the backbone of the Philippine power grid, supplying fuel to power plants in Batangas that account for a significant portion of Luzon’s electricity requirements. Ensuring the continuity of this indigenous supply remains a priority for the government as it seeks to reduce reliance on volatile imported liquefied natural gas.