Marcos Jr. signs 8 new petroleum service contracts worth $200 million

President Ferdinand Marcos Jr. has signed eight new Petroleum Service Contracts (PSCs) representing a potential investment commitment of up to $200 million over a seven-year exploration period.

These contracts cover exploration areas in the Sulu Sea, Cagayan, Cebu, northwest Palawan, east Palawan, and central Luzon.

Two of these contracts will restart 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.

Energy Secretary Sharon Garin highlighted this as the largest batch of PSCs awarded in a single period in Philippine history, demonstrating the administration's resolve to accelerate indigenous energy resource production.

The exploration efforts will encompass conventional petroleum as well as native hydrogen, expanding the frontiers of Philippine energy exploration.

The energy department considers this a milestone for inclusive and regionally balanced energy development that will generate new economic and employment opportunities for communities across BARMM and Mindanao.