Philippines Announces Significant New Gas Discovery Near South China Sea

Philippine President Ferdinand Marcos Jr. announced the discovery of a significant new natural gas deposit, Malampaya East 1, near the existing Malampaya gas field northwest of Palawan in waters facing the disputed South China Sea. Estimated to contain about 98 billion cubic feet of gas, the reservoir could supply power to over 5.7 million households annually. Initial tests indicate daily extraction of 60 million cubic feet. The find includes condensate, a valuable liquid fuel, and aims to strengthen domestic gas supply amid concerns over Malampaya's declining output and potential power shortages in Luzon.