Prime Energy Resources Development B.V. is ramping up preparations to drill at least two deepwater wells in 2025.
The company said if the drilling were successful and the gas reserves can be produced commercially, the necessary pipelines will be installed and tied to existing Malampaya production facilities.
Prime Energy said production from the new wells, particularly at the Camago and Malampaya East, is expected sometime in 2026.
Donnabel Kuizon Cruz, Prime Energy managing director, said the planned drilling and development of phase four of the Malampaya requires an investment of more than $600 million.
According to Cruz, the plan is to spend around $187 million next year for the procurement of subsea drilling equipment, umbilicals and pipelines and a drilling rig.
Prime Energy and its partners have sought the support of the Department of Energy (DOE) to ensure a market for the new gas volumes, streamline and simplify permits and requirements imposed by various government agencies that could slow down the completion of Malampaya Phase 4 on time and within budget.
Prime Energy also said China never claimed the Malampaya contract area, noting that from 1988 to date, China has not interfered in any Malampaya petroleum operation.
Prime Energy and its partners have secured the renewal of Service Contract 38 for an additional fifteen years or up to 2039, which paved the way for new investments and to explore and develop additional gas reserves.
