Philippines signs eight new PSCs

President Ferdinand R. Marcos Jr. signed eight new Petroleum Service Contracts (PSCs) for exploration areas in the Sulu Sea, Cagayan, Cebu, northwest Palawan, east Palawan, and Central Luzon, in what Secretary of Energy Sharon Garin described as the largest batch of petroleum service contracts awarded in a single period in Philippine history.

Collectively, the contracts represent a potential investment commitment of about $207 million over a 7-year exploration period, according to the Philippines Department of Energy.

The new contracts include the world’s first competitive bid round for native hydrogen, co-managed with the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).