Energy security is an important objective for the country. However, uncertainties from external shocks, as well as the impending depletion of the Malampaya natural gas field, are undeniable threats to this goal. Know more:
Energy security is an important objective for the country. However, uncertainties from external shocks, as well as the impending depletion of the Malampaya natural gas field, are undeniable threats to this goal.
Petroleum exploration is not an easy undertaking. This normally requires several years and massive financial investment before actual oil and gas production occurs, assuming the exploration project is successful. These projects involve undertaking geological and seismic surveys, among other necessary processes, to efficiently analyze the choice of location for the exploration wells.
The oil and gas exploration activities provided by these Service Contracts bear significant potential in gradually freeing the country of our long-standing dependence on imported fuel. The positive welfare impact is not difficult to imagine if there will be enough indigenous fuel sources to ensure our long-run energy supply.
activities in the area are, therefore, enormous. And in retrospect, such benefits should have been felt and enjoyed by the country long before, had it not been for the setbacks borne out by maritime disputes.
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