Government-owned PNOC Exploration Corp. (PNOC-EC) is looking to spend about P2 billion for the Malampaya gas project’s operations in 2024, including drilling for new wells as it projects an 80 percent success rate.
PNOC EC president Franz Josef George Alvarez said during a recent Senate hearing that the Malampaya consortium, of which the company is a part, is planning to drill two wells by 2025.
‘If successful, by 2026 we will have additional production. ‘ The probability of success is around 80 percent,’ he said.
The Malampaya consortium, led by operator Prime Energy Resources Development B.V., includes PNOC EC and another consortium member, UC38 LCC.
The SC 38 consortium has been granted a 15-year contract extension, and as part of its work program, plans to drill the two wells next year.
Alvarez said the Malampaya consortium has set the capital expenditure at $690 million over a three-year period to further explore gas from the Malampaya reservoir. PNOC-EC’s capital expenditure share in the work program is about P3.45 billion.