President Marcos has awarded eight new petroleum service contracts (PSCs) worth about $207 million to boost local energy production and reduce reliance on oil imports.
The contracts cover exploration areas across Cagayan, Cebu, Palawan, Central Luzon, and the Sulu Sea, including the first competitive bid round for native hydrogen.
Major bidders include tycoon Manuel V. Pangilinan’s PXP Energy Corp. and its partners, focusing on projects in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) and other regions.
The Department of Energy said the contracts mark a push toward innovation and sustainability in energy exploration, with work programs set to run for seven years.
Energy Secretary Sharon Garin highlighted the government’s commitment to expanding energy frontiers and achieving a more secure and inclusive energy future for the Philippines.
Source: PhilNews24 | October 10, 2025
GOVERNMENT AWARDS $207 MILLION IN PETROLEUM CONTRACTS
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