NEWS: President Marcos Announces Discovery of New Offshore Oil Well Reserves

On Thursday evening, March 26th, President Ferdinand R. Marcos Jr. announced the successful drilling of the Camaro-3 well at the Malampaya gas field. This latest major development is projected to extend the Philippine’s indigenous energy supply and reduce importation of fuels. 

A coast of Palawan

In a video message related to this announcement, President Marcos said: “Today, I am proud to announce another step forward in our mission to secure affordable, reliable energy for every Filipino,” 

He added that Camago-3 well has been “successfully drilled and tested, producing up to 60 million standard cubic feet of gas per day.”

“It is the second major milestone under our USD893 million Malampaya Phase 4 campaign, and it is significantly larger than our first,” he said.

Following the discovery of Malampaya East-1 (MAE-1), which was announced in January this year, President Marcos emphasizes that ‘Camago-3 holds an estimated 2.5 times more recoverable gas than the Malampaya East-1 discovery. Together, these two wells are projected to extend the life of the Malampaya gas field by an estimated six years,” he said.

Located off the shores of Palawan, The Malampaya Deep Water Gas-to-Power Project, is reported to supply up to 20 percent of Luzon’s electricity requirements and is the country’s only indigenous natural gas source.

President Marcos further highlights the impact of this development to the country, stating, “Ano ang ibig sabihin nito para sa inyo? (What does this mean for you?) It means more power. Steadier power. And cheaper power.”

“Malampaya gas costs us roughly PHP4.80 per kilowatt-hour. Imported LNG costs PHP10.30. More than double. Every unit of power we generate from Malampaya instead of imported fuel is money saved by households, by small businesses, by every Filipino who pays an electricity bill.”

President Marcos recognizes that the successful drilling of Camago-3 is critical to the volatility of global energy caused by the current Middle East crisis. He also announced that new subsea pipelines will be installed to support extended gas delivery. 

“Ibig sabihin, may bagong tubo na itatanim sa ilalim ng dagat para maihatid ang gas mula sa pinagkukunan nito patungo sa ating mga tahanan at negosyo (Meaning, there will be new pipes to be laid under the sea to deliver gas from the source to our homes and businesses),” he said.

“We are not just extending a gas field. We are rebuilding our energy infrastructure from the ground up.”

He added that the first gas delivery from Malampaya will be set in motion by the fourth quarter of 2026, with additional drilling projects underway. “Our next well, Bagong Pag-asa, sits 30 km. north of Malampaya and is already in the works,” Marcos said.

“This is indigenous energy. It is ours. This is our future. And it is how we protect every Filipino from the burden of rising global fuel prices.”