Philippines Energy

In late February, the Philippine’s Department of Energy announced it was forging ahead with plans to offer 15 offshore territories to foreign investors for oil and gas exploration. The secretary of energy, Jose Almendras, said the government hoped to award contracts to the winning bidders this month, underscoring the government’s desire for work to begin as soon as possible.

New offshore natural gas deposits are set to vastly expand the Philippines’ hydrocarbons reserves at a time when demand at home is on the increase. The country has proven natural gas reserves of 108.7bn cu metres, ranking it 51st in the world, with annual production of around 3bn cu metres. While this is sufficient to meet current demand, with the economy expanding and demand for electricity on the rise, calls on domestic gas reserves are expected to increase in the coming years.