Jamaine Punzalan

Article (news)

Harlene Delgado

ABS-CBN News

<div> </div>MANILA -- President Ferdinand Marcos Jr. said his administration would endeavor to bring down prices of petroleum products and electricity as the country continued to look for ways to attain energy security.   The President on Wednesday was presented eight new petroleum service contracts covering exploration areas in various parts of the country. These include the Sulu Sea, Cagayan, Cebu, Northwest Palawan, East Palawan, and Central Luzon.Marcos said the new contracts would “unlock” investments of up to $200 million. “These service contracts represent our continued efforts to attain greater energy security, and therefore, economic stability, and self-reliance,” The President said.Energy Secretary Sharon Garin noted this was &quot;the largest batch of petroleum service contracts awarded in a single period in Philippine history -- a powerful demonstration of this administration’s resolve to accelerate and production of our country’s indigenous energy resources.” Of the eight contracts, two will restart the exploration activities in the southern portion of the Sulu Sea and will be co-managed by the national and the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) governments.The energy department called it a “milestone for inclusive and regionally balanced energy development” that would generate new economic and employment opportunities for communities across BARMM and Mindanao.Three contracts will allow exploration in possible drilling targets in Cagayan, Cebu and Northwest Palawan, while two contracts will provide both for native hydrogen exploration in Central Luzon which is the “world’s first competitive bid for native hydrogen”, according to Garin.Another deal will enable exploration activities located in the East Palawan Basin.“Service contractors may now commence their respective work programs, which will include geological and geophysical studies, seismic surveys, and drilling activities as appropriate,” the DOE said.In his speech, Marcos underscored fuel as an important resource and the country’s heavy reliance on imported fuel.In 2024, he said the country imported over 340,000 barrels of liquid fuel equivalent to 99.68 percent of the entire petroleum supply.
However, the country only produced over a thousand barrel or 0.32 percent of the local requirement.“Sapagkat ang langis ang nagpapagalaw sa ating ekonomiya, mula sa mga sasakyang naghahatid ng pagkain hanggang sa mga pabrikang lumilikha ng kabuhayan. Kapag tumaas ang presyo ng langis, tataas ang pamasahe, ang presyo ng mga bilihin, at halaga ng kuryente,” he said. “Ginagawa po namin ang lahat upang matigil ito,” he added.He also recognized the vital role of the private sector and vowed to streamline processes with the hope of eradicating bureaucratic red tape.Marcos cited several initiatives in the energy department such as the special allowances to petroleum service contractors and the Energy Virtual One Stop Shop platform.“Rest assured that we will not stop here. We will continue to update and upgrade our processes to make them more responsive to the needs of our investors and our communities,” he said.He further urged investors to “operate with accountability, with respect for the environment, and fairness towards communities”.“Let us prove that responsible enterprise and national development can go hand-in-hand—that growth built on transparency and responsibility is growth that will last,” the Chief Executive added.

President Ferdinand Marcos Jr. said his administration would endeavor to bring down prices of petroleum products and electricity as the country continued to look for ways to attain energy security.

President Ferdinand Marcos Jr. said his administration would endeavor to bring down prices of petroleum products and electricity as the country continued to look for ways to attain energy security.

Marcos: New petroleum exploration contracts to 'unlock' over $200 million in investments

News

Entertainment

Lifestyle

Sports

Metro.Style

More

Traffic

Manila

Horoscope

Business

Marcos: New petroleum exploration contracts to 'unlock' over $200 million in investments

Harlene Delgado,

ABS-CBN News

Published Oct 08, 2025 12:47 PM PHT

Read More:

energy

petroleum

oil exploration

ABS-CBN is the leading media and entertainment company in the Philippines, offering quality content across TV, radio, digital, and film. Committed to public service and promoting Filipino values, ABS-CBN continues to inspire and connect audiences worldwide.

Corporate

Investors

Governance

International Distribution

Corporate

Governance

Investors

International Distribution

NPC Seal of Registration

Privacy Policy

AI Policy

Terms of Service

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.