First of many, it should be

When a consortium led by oil giants Shell and Chevron announced finding a huge natural gas reservoir by accident during the drilling of the Camago-1 natural gas well in 1989, it generated very little interest. It turned out to be the yet most successful source of fuel for the country which was pivotal in making the electricity sector run substantially on indigenous fuel.

Many years into the operation of the Malampaya field, not much attention has been given to maintaining a search for the bounty of the Philippine seas to allow a constant supply of valuable resource to feed the country’s growing need for fuel.

From a high of more than 100 exploration projects in the 1990s to early 2000, the number fell to nearly zero lately, Senator Pia Cayetano, Senate energy panel chairperson, said.

It is not a lack of prospects that resulted in the waning interest in fuel exploration as geological surveys and scientific studies showed that areas around Malampaya hold more gas than earlier thought.

Southeast Asian neighbors such as Indonesia and Malaysia have well-developed indigenous gas industries. Theirs were years ahead of the Philippines’ natural gas development which seemed to be stuck in a quicksand of contentment due to Malampaya.

Attention rose to the surface again when it was learned that the Malampaya field, which supplied more than a fourth of the country’s energy needs and generated billions in government revenue at the same time, would be depleted by 2027.

The priorities of President Ferdinand Marcos Jr.’s administration resulted in a realization that the Philippines has much more than Malampaya.

Mr. Marcos extended the life of Service Contract 38 by 15 more years, giving current Malampaya operators, led by Prime Energy, more elbow room to extend its life and tap into the potential of gas fields around it.

It was not coincidental that the President saw the wisdom of his father, Ferdinand Marcos Sr., whose legacy would include the determination to make use of the potential of natural gas.

After extending SC 38, the second Marcos administration, through its energy policies and the Department of Energy, encouraged lawmakers to address the concerns that had previously deterred potential investors from exploring additional gas deposits near Malampaya. This initiative aimed to reassure investors that their time and money would be well spent.

One of Marcos’ legacies is the extension of the natural gas industry’s crucial role in energy security. His vision of a future with reduced dependence on fuel imports was complemented by his concern for the environment.

Through the Department of Energy, President Bongbong Marcos made it clear that the path forward is clean energy and, in this objective, natural gas has a crucial role to play.

The paradigm shift is refreshing both in its conviction and belief that the Philippines has what it takes to rise above the odds.

In this mission for energy security, BBM has shown the path and clarity of leadership and it’s a road worth walking on.

Last Wednesday, the Palace released the signed Republic Act 12120, or the Natural Gas Industry Development Act, to spur the search for more Malampayas.