MANILA, Philippines — Prime Energy Resources Development, led by billionaire Enrique Razon, is looking to develop additional natural gas sources beyond the Malampaya field as part of efforts to secure the country’s long-term energy supply.
Prime Energy president and CEO Donnabel Kuizon Cruz said the company is currently conducting studies on potential new exploration areas outside Malampaya, the Philippines’ only indigenous commercial natural gas source.
“We’re not focused on just one area. Every year, we review and update our work program and budget to determine our next steps,” Cruz said during a briefing with reporters.
She added that the company has already begun deploying technical teams composed of geologists and petrophysicists as part of its preparatory activities, although she declined to provide specific details on target locations.
Cruz also noted that Prime Energy remains open to partnerships with other industry operators as it expands its exploration strategy.
The executive said the company is encouraged by government efforts to expand domestic energy sources, aligning with President Ferdinand Marcos Jr.’s earlier call to identify new gas wells and exploration blocks.
At the same time, Prime Energy is preparing to bring new gas production from additional Malampaya wells online by the fourth quarter of the year. The development is seen as crucial as the Philippines works to strengthen its energy security amid global supply risks, including tensions in the Middle East.
ia/xf
