MANILA, Philippines — Prime Energy Resources Development BV, led by billionaire Enrique Razon, is setting its sights on new natural gas fields beyond the Malampaya project to strengthen the nation's long-term energy supply.
In a recent briefing, Donnabel Kuizon Cruz, President and CEO of Prime Energy, revealed the company has an ongoing study to explore additional areas. "We're not focused on just one area. Every year, we refresh our work program budget to see where we want to go next," Cruz stated.
While specific locations remain undisclosed, Cruz confirmed that Prime Energy has already begun mobilizing a specialized team, including geologists and petrophysicists, to advance these exploratory efforts. The firm is also open to collaborating with other operators to accelerate discovery and development.
Cruz highlighted that the company's drive has been bolstered by President Marcos's directive to "find more wells, find more blocks," aligning national policy with corporate expansion goals.
"We're even more driven to launch exploratory activities with the President's pronouncement," Cruz emphasized.
In the interim, Prime Energy remains on track to produce natural gas from new wells within the existing Malampaya field by the last quarter of the year. This milestone is seen as critical for the Philippines' power sector, especially amid ongoing geopolitical tensions affecting global energy markets.
The move to scout for new gas sources comes as the country seeks to reduce reliance on imports and enhance domestic energy security, with Prime Energy positioning itself as a key player in this strategic shift.