According to the Oil & Gas Journal, the Philippines holds 3.5 trillion cubic feet (Tcf) of proved natural gas reserves.
The Philippines consumes all of the natural gas produced domestically. The country produced 124 billion cubic feet (Bcf) and consumed 127 Bcf of natural gas in 2018.
Malampaya, the deep-water gas-to-power project located in the West Philippine Sea near the Province of Palawan, was launched in 2001 with a single offshore platform. An additional platform began operating in 2015. The project in the Malampaya-Camago natural gas reservoir is operated by Shell and is a joint venture between Shell Philippines Exploration B.V. (45%), Chevron (45%), and state-owned Philippine National Oil Corporation-Exploration Corporation (10%). Malampaya is critical to the country’s energy needs and provides up to 20% of the country’s power.
The Philippines DOE projects that the Malampaya natural gas field will run dry by 2027. Imported liquefied natural gas (LNG) will likely replace natural gas supplies from Malampaya. To prepare for the increase in LNG imports, the Philippines have four LNG import terminal projects in different phases of approval. U.S.-based Excelerate Energy LP, Australia-based Energy World Corp, and Philippines-based First Gen Corporationand Batangas Clean Energy, Inc., are potential candidates for the four projects.
The Philippines had 139 million barrels of proved crude oil, including lease condensate, reserves in 2019. (Source: Oil & Gas Journal)
Total petroleum and other liquids production was 37,000 barrels per day (b/d), and the country consumed 474,000 b/d.
Reed Bank, located near the Spratly Islands (a portion of which are claimed by the Philippines) in the South China Sea, holds unexplored hydrocarbon stores and is claimed by China and the Philippines. EIA estimates the South China Sea in total contains approximately 11 billion barrels of oil and 190 trillion cubic feet of natural gas in proved and probable reserves. The two countries have previously maintained they plan to jointly explore the region for oil and natural gas,