Before commercially viable natural gas was found at the Malampaya field, there were numerous investors who joined the exploration. In the 1990s, there were over a hundred projects exploring Philippine waters and other possible deposits for natural gas. After we started drawing gas from Malampaya, investments for further exploration simply evaporated.
Today, natural gas deposits at Malampaya are nearly exhausted. But even as we have grown dependent on this source of energy, scarcely any exploratory activity is happening.
One leading theory for the dissipation of investor interest in exploring for new gas fields is the absence of a policy framework that will encourage domestic natural gas production. Without a clear policy framework, gas exploration and drilling will resemble what we saw at Mount Diwalwal during the gold rush there. Everyone simply walked over and started digging. Armed militias enforced informal boundaries. The gold that was dug up simply disappeared.
Sen. Pia Cayetano is a firm believer in the need for a clear policy framework that will attract investments in the development of our natural gas industry. Although it sometimes seems hers is a lonely voice, she has worked tirelessly to push the Philippine Natural Gas Industry Development Act (Senate Bill 2793), pushing it through the legislative mill.
This story is from the November 12, 2024 edition of The Philippine Star.
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This story is from the November 12, 2024 edition of The Philippine Star.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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