Philippine President Ferdinand Marcos Jr. said Monday that a newly discovered offshore natural gas reserve could strengthen the country's energy security, as Manila seeks to reduce its reliance on imported fuel.
The find is located about 5 kilometers east of the Malampaya natural gas field, off the northwest coast of Palawan, and is estimated to hold around 98 billion cubic feet of natural gas, according to the Philippine Information Agency.
Marcos said the reservoir lies within the Philippines' exclusive economic zone in waters overlooking the South China Sea and could generate enough electricity to meet the annual needs of more than 5.7 million households.
The newly discovered natural gas field, known as Malampaya East 1, sits close to the original Malampaya natural gas field, where commercial production began more than two decades ago and currently supplies over 20% of the electricity demand of Luzon, the country's most populous region.
Oil and natural gas exploration at Reed Bank, off the coast of Palawan Island, has been stalled for years amid objections from China, which claims sovereignty over much of the South China Sea.
China has in recent years stepped up the presence of its coast guard and navy in the region.
Reporting by Nuri Aydin
Writing by Handan Kazanci
Anadolu Agency
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