Shares of companies linked to billionaire Enrique K. Razon Jr. were among the most actively traded on the Philippine Stock Exchange on Monday after Malacañang announced a major new natural gas discovery at the Malampaya East-1 well.
The Malampaya consortium is led by Prime Energy Resources Development B.V., controlled by Razon, with a 45 percent stake. The discovery is the first significant find in the area in more than a decade and is seen as commercially important for extending the life of the Malampaya gas project, a key source of domestic energy supply.
International Container Terminal Services Inc., Razon’s flagship port operator, was the most actively traded stock of the day, rising P8.50 to close at P620 per share. Manila Water Co. Inc., the east zone water concessionaire, gained 15 centavos to P39.80, while Bloomberry Resorts Corp., operator of Solaire Resorts and Casino, slipped 5 centavos to P2.75.
At the broader market level, the benchmark PSE index fell 26.89 points to 6,437.78 amid late-session profit-taking. Total turnover reached P5 billion, with more decliners than gainers.
President Ferdinand Marcos Jr. said the Malampaya East-1 discovery could strengthen the country’s energy security. The newly identified reservoir is estimated to hold about 98 billion cubic feet of gas and condensate, roughly a third of the remaining producible volume in Malampaya.
The consortium has invested about $893 million in Malampaya Phase 4, covering two new deepwater wells and further exploration. Other partners include UC38 LLC of Dennis Uy’s Udenna Group with 45 percent and state-owned PNOC-Exploration Corp. with 10 percent.
