President Ferdinand 'Bongbong' Marcos Jr. has renewed his administration's commitment to ensuring energy security in the country as he signed the renewal agreement for the Malampaya Deep Water Gas-to-Power Project. ManilaBulletin READ:
This renewed Malampaya's production contract for its final 15 years. It was supposed to expire on Feb. 24, 2024.
President Ferdinand "Bongbong" Marcos Jr. has renewed his administration's commitment to ensuring energy security in the countryMarcos said this during the signing ceremony for the Renewal Agreement for the Malampaya Service Contract No. 38 , which renewed Malampaya's production contract for its final 15 years. It was supposed to expire on Feb. 24, 2024.
He added that the Malampaya Project would reduce the country's dependence on oil imports and ensure a more stable supply of cleaner energy from an indigenous source. Considering the projects as the key to the administration's drive towards energy security, the Chief Executive said it is also consistent with the Constitution and the State policy of hastening the discovery and production of the country's indigenous petroleum.
"Through the stringent due diligence observed, the government aims to uphold responsible and sustainable energy practices while effectively managing the valuable resource that is the Malampaya gas field," he added. "Through our strategic partnerships, we will remain on course towards the attainment of our goals of total electrification of our country and of energy adequacy, reliability, and affordability, all for the betterment of the lives of the ordinary Filipinos," he said.
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