Pres. Bongbong Marcos Speaks on Drilling, Testing of Camago-3
BONGBONG MARCOS – The President proudly announced the successful drilling of the Camago-3 well to boost the gas supply in the Philippines.
Amid the soaring oil costs in the Philippines, Marcos Jr. declared a State of National Energy Emergency in the Philippines. Initially, the declaration left countless Filipinos confused about the real status of the situation as Malacañang and the President himself claimed that there is enough oil supply in the country.
Meanwhile, Pres. Bongbong Marcos clarified that the State of National Energy Emergency declaration was not meant to cause panic but to open the government to more options that it can use. The President previously assured the Filipino people that the government is talking with other countries for possible oil supply.
Recently, amid countless Filipinos struggling with the high pump prices in the country, Marcos Jr. announced the successful drilling of the Camago-3 gas well. It is under the $893 million Malampaya Phase 4 project.
“The Camago-3 well has been successfully drilled and tested, producing up to 60 million standard cubic feet of gas per day,” Marcos Jr. said.
Through a video message posed on social media, Pres. Bongbong Marcos explained that the Camago-3 is larger than the earlier Malampaya East-1 discovery. According to the Chief Executive, it brings about 2.5 times more recoverable gas. It marks the second major milestone of the Malampaya Phase 4 campaign.
The project is part of the government’s energy development program that aims to strengthen the country’s domestic reserves. The Camago-3 well is expected to contribute to the natural gas supply of the Philippines for power generation and industrial use.
“Camago-3 holds an estimated 2.5x more recoverable gas than the Malampaya East-1 discovery. So together, these two wells are projected to extend the life of the Malampaya gas field by an estimated six years,” the President said.
Under the Malampaya Phase 4 project which is valued at $893 million, the drilling and exploration activities in the Malampaya gas field continued. Camago-3’s successful testing confirms the capacity of the gas well to deliver significant volumes of natural gas.
Pres. Bongbong Marcos said the Camago-3 gas well’s production capacity will support the energy needs of the Philippines. The added supply can aid in the country’s needs for electricity generation and lower our dependence on imported fuels.
“More power, steadier power, and cheaper power… It is ours. This is our future. And it is how we protect every Filipino from the burden of rising global fuel prices,” the President expressed in his video message.
Previously, Pres. Bongbong Marcos stressed that the global oil prices are beyond the control of the government.
