Country Report
Philippines upstream summary
Report summary
Philippines oil and gas fields are aging and production is declining. Shell-operated field Malampaya is the sole gas producer. As domestic gas continues to deplete, the Philippines is increasingly turning to LNG imports and other competitive lower cost fuels such as coal to power the country. Only oil producing field Galoc is set to decline, although a small onshore field Polyard/Alegria is yet to come onstream. Philippines production outlook relies on new discoveries. In January 2023, the Philippines Supreme Court voided the Joint Marine Seismic Undertaking Agreement signed in 2005 between the state-owned companies in Philippines, China and Vietnam which allowed them to jointly explore oil near waters surrounding the disputed Spratly Islands. However, the Philippines has historically seen low success rates and small discovery sizes, which will limit investor interest. Limited subsurface potential and the Majors/IOCs constrained exploration budgets will deter high-impact ...
Table of contents
- Executive summary
- Key facts
- Location maps
-
Key companies
- NOCs
- Majors
- Other companies
- Historic
-
Geology
- Introduction
- North Palawan-Mindoro Basin
- Southeast Luzon Basin
- Visayan Basin
- Sulu Sea Basin
- South Palawan Shelf - Reed Bank
- Agusan-Davao Basin
-
Exploration
-
Licensing
- Licensing and bidding process
- Historical licensing activity
- 1970-1980s
- 1990s
- 2000-2005
- 2006-2007
- 2008-2010
- 2011-2022
-
Drilling
- Drilling activity
- Future drilling activity
- Historical drilling activity
- 1980-2000
- 2001-2006
- 2007-2011
- 2012-2020
- 2015-2020
- Success rates
-
Licensing
-
Reserves and resources
- Commercial volumes
- Sub-commercial volumes
-
Production
- Oil/Liquids
- Gas
-
Infrastructure
-
Gas infrastructure
- Gas pipelines
- Future infrastructure development
- LNG regasification terminals
- Liquids Infrastructure
-
Gas infrastructure
-
Policy and regulation
- Regulatory body
- State oil company
-
Licensing
- Service Contracts (SC)
- Exclusive Geophysical Survey and Exploration Contracts (GSEC)
- Non-exclusive Geophysical Permit
-
Fiscal terms
-
Overview
- Upstream
- Mid/Downstream
- Pipelines
- Gas Utilisation
- Current fiscal terms
-
Service Contracts
- Bonuses, rentals and fees
- Signature bonuses
- Production bonuses
- Training Fees
- Other bonuses and fees
- Indirect taxes
- Royalty and other production taxes
- Contractor Revenue Entitlement
- Product Pricing
- Liquids Pricing
- Natural Gas Pricing
- Profit Sharing
- Corporate (or Petroleum) Income Tax
- Additional Profits Taxes
- Fiscal/Contractual Ring-fences
- PECR-5
- Sample Cash Flows
- Historical background
-
Overview
Tables and charts
This report includes 26 images and tables including:
- Key facts: Table 1
- Country Map
- Reserves and contingent resources at 01/01/2024
- Liquids and Gas Production 2023
- Net Acreage 2024
- Map of Principal Sedimentary Basins of Philippines
- Blocks Awarded
- Reserves and resources: Table 1
- Liquids and Gas Production and Reserves
- Oil, Other Liquids and Gas Reserves
- Production: Table 1
- Production: Table 2
- Liquids Production
- Production: Table 3
- Production: Table 4
- Sales Gas
- Philippines Infrastructure Map
- Fiscal terms: Table 6
- Drilling Activity by Well Type
- Geological and Commercial Success Rates
- Infrastructure: Table 1
- Fiscal terms: Table 1
- Fiscal terms: Table 2
- Fiscal terms: Table 3
- Fiscal terms: Table 4
- Fiscal terms: Table 5
What's included
This report contains:
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