Philippines Confirms Gas Strike at Camago-3 Well in Malampaya Fields

President Marcos announced on March 26 that the Philippines successfully struck gas at the Camago-3 well within the Malampaya gas field development area in the South China Sea. The find comes as the Philippines grapples with a declared national energy emergency driven by the Iran war's disruption of Middle East oil supplies. The Malampaya field (Service Contract 38), operated by Prime Energy Resources Development, currently supplies roughly 20% of Luzon's electricity. A new gas discovery at Camago-3 could significantly extend Malampaya's production life, which was forecast to deplete by 2027. The announcement added urgency to discussions about expanding South China Sea energy development, including potential joint exploration with China at Reed Bank.