Preparations ramp up for Malampaya 4
Prime Energy Resources Development B.V. (Prime Energy) is ramping up preparations to drill at least two deepwater wells in 2025 (Camago and Malampaya East).
If drilling yields gas reserves, pipelines will be installed and linked with existing Malampaya production facilities. Production from the new wells is expected in 2026.
According to Prime Energy Managing Director Donnabel Kuizon Cruz, the planned drilling and development requires an investment of more than $600 million. Planned expenditure in 2024 is about $187 million for drilling equipment and others.
Prime Energy and its partners secured the renewal of Service Contract No. 38 (SC 38) for an additional fifteen years until 2039.
After 22 years of operation, gas production from Malampaya has been declining. The renewal of SC 38 paves the way for new investment to explore and develop additional gas reserves.
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