Representational photo
Manila: Philippines President Ferdinand Marcos said Monday that a "significant" discovery of natural gas had been made near the country's sole producing offshore site.
About 98 billion cubic feet (2.8 billion cubic metres) of natural gas -- enough to provide power to 5.7 million homes for a year -- has been found east of the Malampaya Field near the island of Palawan, Marcos said.
The Philippines has some of the region's highest energy costs and faces a looming crisis as the Malampaya gas field, which supplies about 40 percent of power to the archipelago's main island, Luzon, is expected to run dry within a few years.
The discovery -- five kilometres (three miles) east of the Malampaya Field -- is the first in more than a decade and suggested the potential to produce even more, Marcos said.
"This helps Malampaya's contribution and strengthens our domestic gas supply for many years to come. Initial testing showed that the well flowed at 60 million cubic feet per day," Marcos said in a statement.
The Philippines -- regularly affected by electricity outages -- relies on imported carbon-belching coal for more than half of its power generation.
Kairos Dela Cruz, executive director of the Manila-based Institute for Climate and Sustainable Cities, told AFP that while the find was "relatively small", it could point the way to finding other nearby gas resources.
"The discovery of these other gas fields will provide new indigenous supply and increase energy security," he said.
"It also helps extend the operating life of the 500-kilometre undersea gas pipeline, long enough for larger gas fields in the area to be discovered."
A former industry executive who spoke on condition of anonymity estimated the new find could extend the Malampaya Field's life by two to three years.
Long-term, the country will still need to increase its focus on renewables ranging from solar to hydro to offshore wind projects, Dela Cruz said.
