The Department of Energy (DOE) has signed eight new Petroleum Service Contracts (PSCs) worth $207 million (₱12.013 billion), which are expected to strengthen the country’s energy security and create more job opportunities for Filipinos.
During the signing ceremony held at Malacañang Palace on Wednesday, President Ferdinand “Bongbong” Marcos Jr. said the new agreements will open opportunities for energy exploration in Palawan, Sulu, Cagayan, Cebu, and Central Luzon.
Among the contracts is a pioneering project for hydrogen exploration in Central Luzon, aimed at developing a clean and zero-carbon energy source, signaling the country’s readiness for sustainable innovation.
“Unlocking over $200 million investments, these service contracts represent our continued efforts to attain a greater energy security, and therefore, economic stability and self-reliance,” the President said.
Marcos also reaffirmed the government’s commitment to reduce the Philippines’ dependence on imported oil, saying this move will help shield consumers from global fuel price fluctuations and ensure long-term energy stability.