MANILA — President Ferdinand R. Marcos Jr. said the eight newly signed Petroleum Service Contracts (PSCs) will help strengthen the country’s energy security while creating wealth and generating employment.

“Unlocking over 200 million dollars in investments, these service contracts represent our continued efforts to attain greater energy security, and therefore, economic stability, and self-reliance,” Marcos said during the formal presentation ceremony held in Malacañan Palace.

He said the service contracts will pave the way for explorations in Palawan, Sulu, Cagayan, Cebu, and Central Luzon.

“Through these service contracts that will pave the way for explorations in Palawan, Sulu, Cagayan, Cebu, and Central Luzon, we open new opportunities for our energy sector. That is why today’s presentation of eight service contracts is a deliberate step towards securing our energy future,” he said.

The President said the government remains fully committed to lowering the country’s dependence on imported oil.

In 2024, the Philippines imported around 340,600 barrels of liquid fuel, representing about 99.68 percent of the country’s total petroleum supply. Marcos added that 46.15 percent of the country’s natural gas requirement was imported last year, while 53.85 percent came from the Malampaya gas field off Palawan.

“These numbers attest to our reliance on imported fuel, making us vulnerable to forces beyond our control. At ‘pag nagtaas ang presyo ng gasolina o krudo sa pandaigdigang merkado, ang mga ordinaryong Pilipino ang nahihirapan,” Marcos said.

The newly awarded PSCs authorize the exploration of offshore oil and gas reserves in the waters of Palawan and the Sulu Sea, as well as petroleum resource potentials in Cagayan and Cebu.

Marcos also said the contracts include the country’s first service agreements for the exploration of native hydrogen gas.

“In Central Luzon, we are charting new ground. We are venturing into the exploration of hydrogen—a clean, zero-carbon source of energy that holds immense promise for our country and for the world,” he said. “This signals our readiness to lead in sustainable innovation.”