The country’s largest indigenous fuel source, the Malampaya Natural Gas Project, is pushing the envelope amid the ongoing fuel crisis driven by tensions in the Middle East, as President Ferdinand Marcos Jr. announced on Thursday that Camago-3, under Phase 4, has been successfully drilled and tested.

The well is producing up to 60 million standard cubic feet of gas per day. Camago-3 is a critical deepwater exploration and development well, part of the Malampaya Phase 4 project aimed at extending the life of the country’s primary indigenous natural gas source.

“Today, I am proud to announce another step forward in our mission to secure affordable, reliable energy for every Filipino. The Camago-3 well has been successfully drilled and tested, producing up to 60 million standard cubic feet of gas per day. It is the second major milestone under our $893-million Malampaya Phase 4 campaign, and it is significantly larger than our first,” Marcos announced.

According to the President, Camago-3 holds an estimated 2.5 times as much recoverable gas as the Malampaya East-1 discovery.

The two wells are projected to extend the life of the Malampaya gas field by an estimated six years, he said.

“What is the meaning of this for Filipinos? It means more power. Steadier power. And cheaper power. Malampaya gas costs us roughly P4.80 per kilowatt-hour. Imported LNG costs P10.30. More than double. Every unit of power we generate from Malampaya instead of imported fuel is money saved by households, by small businesses, by every Filipino who pays an electricity bill,” the President said.

He said the discovery was very important, especially now that the world is experiencing a fuel crisis.

“We all know how important this is today. The conflict in the Middle East is causing significant volatility in fuel prices worldwide. That is why we have done everything to ensure that we have our own energy supply, to help ease the impact of this crisis on the daily lives of Filipinos,” the President stressed.