President Ferdinand Marcos Jr. announced a major milestone in the country’s energy sector, confirming the successful drilling and testing of the Camago 3 well in the Malampaya gas field.

In a video released March 25, Marcos said the new well can produce up to 60 million standard cubic feet of gas per day and is part of the $893-million Malampaya Phase 4 expansion.

“It is the second major milestone under our $893 million Malampaya Phase 4 campaign, and it is significantly larger than our first,” he said.

The president highlighted that Camago 3 contains an estimated 2.5 times more recoverable gas than the earlier Malampaya East 1 discovery, with both wells expected to extend the gas field’s lifespan by about six years.

“What does this mean for you? It means more power, steadier power, and cheaper power,” Marcos said, emphasizing the direct benefits to Filipino consumers.

He noted that electricity generated from Malampaya gas costs around P4.80 per kilowatt-hour, compared to P10.30 for imported liquefied natural gas (LNG).

“Every unit of power we generate from Malampaya instead of imported fuel is money saved by households, by small businesses, by every Filipino that pays an electric bill,” he added.

The development comes amid global energy uncertainties, with Marcos underscoring the importance of strengthening local energy sources as international fuel prices remain volatile.