Name: Philippines upstream summary
Brand: Wood Mackenzie
SKU: 12270
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Author: Wood Mackenzie

Country Report 13 August 2024

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            <h3 class="mega store_featured_content_extrabold store_font_black">Report summary</h3>
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The suspension on all exploration activities in the disputed waters of the West Philippine Sea remains in place. Gas production from the key Malampaya asset is at an all-time low, barring the initial ramp-up period of the early 2000s. As domestic gas supply continues to deplete, the Philippines is increasingly exploring LNG imports and other competitive lower cost fuels such as coal to power the country.</div>
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                    <h3 class="alpha push-half--bottom">Table of contents</h3>

<li class="list__item-toggle font-semibold">
        Executive summary
    </li>

<li class="list__item-toggle font-semibold">
        Key facts
    </li>

<li class="list__item-toggle font-semibold">
        Location maps
    </li>

<li class="list__item-toggle">
        <a href="#29d14759-fa67-46d5-8b40-92ae41f7bbd7" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="29d14759-fa67-46d5-8b40-92ae41f7bbd7" aria-expanded="false">
            Key companies
        </a>
        <ul id="29d14759-fa67-46d5-8b40-92ae41f7bbd7" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        NOCs
    </li>
    <li class="push-quarter--bottom">
        Other companies
    </li>
    <li class="push-quarter--bottom">
        Historically present companies
    </li>

</ul>
    </li>

<li class="list__item-toggle">
        <a href="#8b1ae1f6-4a43-448f-b373-611f879288e0" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="8b1ae1f6-4a43-448f-b373-611f879288e0" aria-expanded="false">
            Geology
        </a>
        <ul id="8b1ae1f6-4a43-448f-b373-611f879288e0" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Introduction
    </li>
    <li class="push-quarter--bottom">
        North Palawan-Mindoro Basin
    </li>
    <li class="push-quarter--bottom">
        Southeast Luzon Basin
    </li>
    <li class="push-quarter--bottom">
        Visayan Basin
    </li>
    <li class="push-quarter--bottom">
        Sulu Sea Basin
    </li>
    <li class="push-quarter--bottom">
        South Palawan Shelf - Reed Bank
    </li>
    <li class="push-quarter--bottom">
        Agusan-Davao Basin
    </li>

</ul>
    </li>

<li class="list__item-toggle">
        <a href="#5ce9014f-95d9-4ca7-9bcc-50670a98a21c" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="5ce9014f-95d9-4ca7-9bcc-50670a98a21c" aria-expanded="false">
            Exploration
        </a>
        <ul id="5ce9014f-95d9-4ca7-9bcc-50670a98a21c" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Licensing
            <ul id="6baf3336-ac85-4726-93c4-f0c348cc0e0e" class="push-half--left">
                    <li class="push-quarter--bottom">
        Licensing and bidding process
    </li>
    <li class="push-quarter--bottom">
        Post-2016
    </li>
    <li class="push-quarter--bottom">
        Historical licensing activity
    </li>
    <li class="push-quarter--bottom">
        1970-1980s
    </li>
    <li class="push-quarter--bottom">
        1990s
    </li>
    <li class="push-quarter--bottom">
        2000-2005
    </li>
    <li class="push-quarter--bottom">
        2006-2007
    </li>
    <li class="push-quarter--bottom">
        2008-2015
    </li>

</ul>
    </li>
    <li class="push-quarter--bottom">
        Drilling
            <ul id="8bb55b30-7119-4e9d-8326-374f68fc4000" class="push-half--left">
                    <li class="push-quarter--bottom">
        Drilling activity
    </li>
    <li class="push-quarter--bottom">
        Key planned drilling activity
    </li>
    <li class="push-quarter--bottom">
        Historical drilling activity
    </li>
    <li class="push-quarter--bottom">
        Success rates
    </li>

</ul>
    </li>

<li class="list__item-toggle">
        <a href="#c0bdd2e9-22ae-4648-a288-3f74797fc211" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="c0bdd2e9-22ae-4648-a288-3f74797fc211" aria-expanded="false">
            Reserves and resources
        </a>
        <ul id="c0bdd2e9-22ae-4648-a288-3f74797fc211" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Commercial volumes
    </li>
    <li class="push-quarter--bottom">
        Sub-commercial volumes
    </li>

</ul>
    </li>

<li class="list__item-toggle">
        <a href="#25e16071-5a89-4349-806d-457a9085e53e" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="25e16071-5a89-4349-806d-457a9085e53e" aria-expanded="false">
            Production
        </a>
        <ul id="25e16071-5a89-4349-806d-457a9085e53e" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Oil/Liquids
    </li>
    <li class="push-quarter--bottom">
        Gas
    </li>

</ul>
    </li>

<li class="list__item-toggle">
        <a href="#4171c612-5d12-4519-9b0b-cce3cd8b15d4" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="4171c612-5d12-4519-9b0b-cce3cd8b15d4" aria-expanded="false">
            Infrastructure
        </a>
        <ul id="4171c612-5d12-4519-9b0b-cce3cd8b15d4" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Gas infrastructure
            <ul id="5cd6461e-2464-4d16-b16a-786215167020" class="push-half--left">
                    <li class="push-quarter--bottom">
        Gas pipelines
    </li>
    <li class="push-quarter--bottom">
        Proposed infrastructure development
    </li>

</ul>
    </li>
    <li class="push-quarter--bottom">
        Liquids Infrastructure
    </li>

</ul>
    </li>

<li class="list__item-toggle">
        <a href="#23c08f11-fea3-4f18-bd38-6dedd724ec64" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="23c08f11-fea3-4f18-bd38-6dedd724ec64" aria-expanded="false">
            Costs
        </a>
        <ul id="23c08f11-fea3-4f18-bd38-6dedd724ec64" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Capital costs
            <ul id="e12ccc46-285e-4855-97ea-12a36f0e7d1c" class="push-half--left">
                    <li class="push-quarter--bottom">
        Capital expenditure by location
    </li>
    <li class="push-quarter--bottom">
        SC 38 (Malampaya/Camago)
    </li>

</ul>
    </li>

<li class="list__item-toggle">
        <a href="#9867c16b-57cb-4c27-b23e-c7026d0f94e8" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="9867c16b-57cb-4c27-b23e-c7026d0f94e8" aria-expanded="false">
            Policy and regulation
        </a>
        <ul id="9867c16b-57cb-4c27-b23e-c7026d0f94e8" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Regulatory body
    </li>
    <li class="push-quarter--bottom">
        State oil company
    </li>
    <li class="push-quarter--bottom">
        Licensing
            <ul id="4b9bf4a9-be07-42ec-b38c-44903f924111" class="push-half--left">
                    <li class="push-quarter--bottom">
        Service Contracts (SC)
    </li>
    <li class="push-quarter--bottom">
        Exclusive Geophysical Survey and Exploration Contracts (GSEC)
    </li>
    <li class="push-quarter--bottom">
        Non-exclusive Geophysical Permit
    </li>

</ul>
    </li>

<li class="list__item-toggle">
        <a href="#3a1a64d9-cd3c-414c-b289-ea6f8806a8ff" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="3a1a64d9-cd3c-414c-b289-ea6f8806a8ff" aria-expanded="false">
            Fiscal terms
        </a>
        <ul id="3a1a64d9-cd3c-414c-b289-ea6f8806a8ff" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Overview
            <ul id="5040b3c3-e70a-4a7c-94a9-8080f1432fec" class="push-half--left">
                    <li class="push-quarter--bottom">
        Upstream
    </li>
    <li class="push-quarter--bottom">
        Mid/Downstream
    </li>
    <li class="push-quarter--bottom">
        Pipelines
    </li>
    <li class="push-quarter--bottom">
        Gas Utilisation
    </li>

</ul>
    </li>
    <li class="push-quarter--bottom">
        Current fiscal terms
    </li>
    <li class="push-quarter--bottom">
        Service Contracts
            <ul id="dc111db0-81d5-4a57-8472-bc8075bf0e0b" class="push-half--left">
                    <li class="push-quarter--bottom">
        Bonuses, rentals and fees
    </li>
    <li class="push-quarter--bottom">
        Signature bonuses
    </li>
    <li class="push-quarter--bottom">
        Production bonuses
    </li>
    <li class="push-quarter--bottom">
        Training Fees
    </li>
    <li class="push-quarter--bottom">
        Other bonuses and fees
    </li>
    <li class="push-quarter--bottom">
        Indirect taxes
    </li>
    <li class="push-quarter--bottom">
        Royalty and other production taxes
    </li>
    <li class="push-quarter--bottom">
        Contractor Revenue Entitlement
    </li>

<li>12 more item(s)...</li>
            </ul>
    </li>
    <li class="push-quarter--bottom">
        Historical background
    </li>

</ul>
    </li>

</ul>

</div>
                <div class="col small-12 large-4 push--bottom">

<h3 class="alpha push-half--bottom">Tables and charts</h3>

<p class="push-half--bottom">This report includes the following images and tables:</p>

<ul class="list list--bullets">
         <li class="list__item push-quarter--bottom">Key facts: Table 1</li><li class="list__item push-quarter--bottom">Country Map</li><li class="list__item push-quarter--bottom">Reserves and contingent resources at 01/01/2024</li>
     </ul>
    <div>
        <button data-target="#0ce31c07b8c44bf89c49c2b5a1938ec2"
                class="btn-toc js-toggle-local"
                role="button"
                aria-controls="0ce31c07b8c44bf89c49c2b5a1938ec2"
                aria-expanded="false">
            View more tables and charts in this report
        </button>
        <ul class="list list--bullets panel-toggle" id="0ce31c07b8c44bf89c49c2b5a1938ec2">
            <li class="list__item push-quarter--bottom">Liquids and Gas Production 2024</li><li class="list__item push-quarter--bottom">Net Acreage 2024</li><li class="list__item push-quarter--bottom">Map of principal sedimentary basins of the Philippines</li><li class="list__item push-quarter--bottom">Reserves and resources: Table 1</li><li class="list__item push-quarter--bottom">Remaining and produced liquids and gas reserves</li><li class="list__item push-quarter--bottom">Reserves and resources: Table 2</li><li class="list__item push-quarter--bottom">Oil, other liquids, and gas reserves</li><li class="list__item push-quarter--bottom">Reserves and resources: Table 3</li><li class="list__item push-quarter--bottom">Production: Table 1</li>
                <li>20 more item(s)...</li>
        </ul>
        
    </div>

</div>

<div class="col small-12 large-4 push--bottom">
                    
<h3 class="alpha push-half--bottom ">What's included</h3>
<p class="push-half--bottom ">This report contains:</p>
<ul class="list"><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >Country Overview</p>
<p class="uppercase delta">
    <span>PDF</span>
    <span>6.78 MB</span>
</p>
</li></ul>
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