Prime Energy Resources Development B.V., the operator of the Malampaya natural gas project, is well on its way to drill new wells to augment local supply of indigenous energy.

The company announced on Friday that it has awarded the $69.9-million contract covering the Malampaya Phase IV Project to Noble—a global leader in offshore drilling.

Noble’s deepwater drillship “Noble Viking” will drill two Deepwater development wells in the Camago and Malampaya East fields.

It will also undertake the third exploration well, dubbed as Bagong Pagasa, approximately 15 kilometers north of Malampaya.

“We are very proud of the milestones that the hard-working team of Filipinos in Prime Energy achieve month on month to ensure that we are on track for the planned drilling in 2025,” Prime Energy Managing Director and General Manager Donnabel Kuizon Cruz said.

“Malampaya Gas has served us for more than 20 years. We are committed to continue providing reliable flow and supply of indigenous gas to our customers, protecting Filipino consumers from volatile forces that affect oil and gas prices,“ Cruz added.

Meanwhile, Blake Denton, Noble SVP for Marketing and Contracts, guaranteed to deliver its commitments for the drilling project, which is essential to achieve energy security.

The Noble Viking drilling rig falls under the state-of-the-art Deepwater category, with Dual Derricks and integrated Managed Pressure Drilling, or MPD, systems on board.

According to Prime Energy, successful drilling could lead to the commercial production of natural gas which could increase the country’s power supply by as early as 2026.

Once viable gas supplies are uncovered within the Malampaya Phase IV, Prime Energy said it is ready to install necessary pipelines that would be tied into the existing Malampaya production facilities.

Last month, Prime Energy also awarded contracts for the supply of Long Lead materials; Offshore Casing and Tubular Goods, and Wellhead equipment, worth $45 million.

The operations of the Malampaya natural gas project, governed by Service Contract No. 38, was extended for another fifteen years until February 2039.

The consortium, composed of Prime Energy, UC38 LLC, and Philippine National Oil Company-Exploration Corp., has remitted more than $13.5 billion from 2001 to 2023.