Philippines invests ₱2.8 billion in oil and gas exploration

The Philippines is launching a major government-funded initiative to rediscover its oil and gas potential. The Department of Energy (DOE) is investing approximately ₱2.8 billion in new geophysical surveys covering 120,000 square kilometers across the Agusan-Davao and Visayan basins.

This project, the Philippine Gradiometry and Seismic Survey Project, represents the first large-scale state-funded exploration mapping in nearly 40 years. The survey is scheduled to begin with 40,000 square kilometers in the Agusan-Davao basin in 2026, followed by an 80,000-square-kilometer survey of the Visayan basin in 2027.

DOE Undersecretary Alessandro Sales noted that the investment aims to lower exploration risks and attract private sector interest. The government estimates the project could yield a 602-percent return on investment and potentially generate ₱16.8 billion in private-sector investments if even 10 percent of the potential area is developed.