Philippines’ first gas discovery in over a decade offers hope for looming energy crisis
AI Summary
The Philippines has announced a significant natural gas discovery near Palawan Island, the first in over a decade. President Marcos stated the find contains approximately 2.8 billion cubic meters of gas, potentially powering 5.7 million homes for a year. This discovery is crucial as the country faces a looming energy crisis due to the expected depletion of the Malampaya gas field, which currently supplies 40% of Luzon's power. The new gas find offers hope for strengthening the domestic gas supply and reducing reliance on imported coal, which currently fuels over half of the Philippines' power generation. Initial testing indicates a flow rate of 60 million cubic feet per day, suggesting potential for further production.
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