• President Ferdinand Marcos, Jr. said the country’s crude oil stocks are sufficient until June 30
• Marcos cited steady fuel shipments entering the country amid the ongoing national energy emergency
• Importing crude oil for local refining is cheaper than importing finished petroleum products such as diesel, Marcos explained
• The government will continue exploring new oil sources to strengthen energy security
• A vessel carrying over 700,000 barrels of Russian crude has arrived, bound for Petron Corporation’s Bataan refinery, marking the resumption of Russian crude imports after a pause since 2022
• On March 26, Marcos announced the successful drilling and testing of the Camago-3 well under the Malampaya gas field, producing up to 60 million standard cubic feet of gas per day
President Ferdinand Marcos, Jr. on Friday said the Philippines has sufficient crude oil supply to last until June 30, as the government moves to secure additional fuel amid ongoing geopolitical tensions in the Middle East.
He made the assurance on the sidelines of the inauguration of the Ninoy Aquino International Airport Expressway (NAIAX) west-bound off-ramp in Pasay City, citing continued inflows of fuel shipments into the country.
The President underscored the economics driving the government’s procurement strategy, noting that sourcing crude for domestic refining is significantly cheaper than importing finished petroleum products.
Marcos said the government will continue to seek out additional oil sources to further reinforce the country’s energy security beyond the current supply window.
A vessel carrying more than 700,000 barrels of crude oil from Russia recently arrived in the Philippines, marking the resumption of imports from the country after a pause in 2022. The shipment is bound for the Petron Corporation refinery in Bataan for processing into petroleum products.
Separately, Marcos announced the successful drilling and testing of the Camago-3 gas well under the Malampaya Phase 4 project.
“My fellow Filipinos, today I am proud to announce another step forward in our mission to secure affordable, reliable energy for every Filipino,” the President said.
“The Camago-3 well has been successfully drilled and tested, producing up to 60 million standard cubic feet of gas per day,” he added.
The Camago-3 development is the second major milestone under the $893-million Malampaya Phase 4 campaign, which is expected to contain significantly higher recoverable gas reserves than earlier wells.
Marcos said the new developments are projected to extend the life of the Malampaya gas field by about six years, supporting more stable and potentially lower power costs for consumers.
READ: Marcos warns of possible flight groundings amid global fuel shortage
