Latest news with #SharonGarin
GMA Network
15-07-2025
- Business
- GMA Network
Malampaya Phase 4 drilling underway
Malampaya Phase 4 development is expected to help stabilize electricity costs while complementing the government's long-term goal of increasing renewable energy usage across the country. (Photo: Presidential Communications Office) The Department of Energy (DOE) on Tuesday confirmed that drilling operations for the Malampaya Phase 4 Project are now in full swing, with the aim of ensuring energy security. Energy Secretary Sharon Garin said the project involves the drilling of three new wells—Camago-3, Malampaya East-1, and Bagong Pag-asa-1. 'Malampaya is 23 years old and used to supply 40% of Luzon's electricity demand. That has since gone down to 20% as reserves have dwindled,' said Garin during a press briefing in Malacañang. She said that President Ferdinand Marcos Jr. conducted a flyby inspection of the site on July 14 to oversee progress and express support for the initiative. Garin explained that drilling is being carried out by a vessel named Noble Viking, which arrived a few weeks ago. Each well will be drilled at a depth of around 3 kilometers, with results expected later this year. 'We are hopeful, especially with Bagong Pag-asa. It's still a prospect, but it looks promising,' she said. The Malampaya gas field has been a key supplier of natural gas to Luzon since it began operations in 2001. It powers homes, hospitals, and schools—but declining reserves have prompted government efforts to extend its life and tap new wells to secure affordable and stable electricity. Phase 4 development is expected to help stabilize electricity costs while complementing the government's long-term goal of increasing renewable energy usage across the country. 'This is an indigenous resource,' Garin said. 'Even if there are wars elsewhere in the world, we can protect ourselves because this is ours—and we can manage the prices and supply ourselves.' —VBL, GMA Integrated News
GMA Network
14-07-2025
- Business
- GMA Network
Marcos optimistic on finding further energy reserves at Malampaya gas field
President Ferdinand ''Bongbong'' Marcos Jr. on Monday expressed optimism on finding ''further'' energy reserves at the Malampaya gas field. Marcos mentioned this at the start of his speech during the groundbreaking ceremony of the Caticlan Passenger Terminal Building in Nabas, Aklan. He mentioned the presence of Energy Secretary Sharon Garin at the event. ''Energy Secretary Sharon Garin, who is with us today because after here, we are going to fly by the rig in Malampaya that is now slowly drilling down into the seabed with a reasonable chance of success of finding further reserves...," Marcos said. In October of last year, Razon-led Prime Energy Resources Development B.V.'s plan to drill new deepwater wells at the Malampaya gas field received a certification, which will pave the way for faster regulatory approvals of the project. The firm said that the Malampaya Phase 4 project has secured the Energy Project of National Significance (EPNS) certification from the Department of Energy. This certification refers to major energy projects that are in consonance with the policy thrust and implementation of the Philippine Energy Plan (PEP). The Malampaya Phase 4 entails the drilling of the Camago and Malampaya East production wells and the drilling of the Bagong Pag-asa exploration well. The planned drilling and development would require an investment of more than $600 million. So far, Malampaya has contributed over $13.8 billion to the Philippine government since its commercial operations began in 2001. It supplies about 20% of Luzon's electricity needs and has significantly contributed to the nation's energy independence since 2001. —KG, GMA Integrated News
GMA Network
09-07-2025
- Business
- GMA Network
Is there a local oil cartel? DOE chief won't say there's none
'I would not say that there is no cartel. Who they are, that is something to confirm but if there is no cartel, there's no purpose for OIMB (Oil Industry Management Bureau) to be on guard all the time. But I would say there's still some form of anti-competitive behavior in some, not all," acting Energy Sec. Sharon Garin said on July 9, 2025. (File photo) Department of Energy (DOE) officer-in-charge Sharon Garin has weighed in on the issue of cartelization in the country's petroleum retailing sector amid the recent fluctuations in pump prices triggered by the Middle East conflict. At a press conference in Taguig City on Wednesday, Garin was asked if a local oil cartel is influencing fuel price movements. In response, the acting Energy chief said, 'I would not say that there is no cartel. Who they are, that is something to confirm but if there is no cartel, there's no purpose for OIMB (Oil Industry Management Bureau) to be on guard all the time.' 'But I would say there's still some form of anti-competitive behavior in some, not all. There are still some activities that are not in the best interest of the public… for example, there are still problems in the industry [like] there are gas stations whose prices are P10 less than others and that could mean something. Maybe that's good for the country, but that could also be something that there is some smuggling, but those are still speculations,' she added.. The acting Energy chief, however, said that the DOE has no enforcement powers to curtail supposed anti-competitive behavior in the downstream oil industry. 'If we do observe possible smuggling activity we report it to BOC (Bureau of Customs), or any declaration on the part of the oil companies we report it to the BIR (Bureau of Internal Revenue) or DOF (Department of Finance)… or any anti-competitive behavior, then it's Philippine Competition Commission or ERC (Energy Regulatory Commission),' Garin said. 'So we are the agency that can make the observations and report them to the proper agency,' she added. On uniform price adjustments The DOE officer-in-charge was also asked if the uniform price adjustments among oil companies could be a form of collusion. Garin said, 'This has been a practice that they have been doing… I think there is also coordination among them, because to avoid, I guess, it could be disadvantageous if others' adjustments were lower so they are trying to protect their own businesses.' 'I don't think it's an issue of why their increases or reductions are the same… I think our issue here at the DOE is how do you compute your increase or decrease,' she said. 'Unfortunately though, we are not given the authority, not even just to disclose or to investigate their reporting, we just need to monitor if it matches the increases of the adjustments in the international market,' she added. DOE-OIMB Assistant Director Rodela Romero said the weekly adjustments being reported by fuel firms are correct as far as the benchmark Mean of Platts Singapore (MOPS) for finished petroleum products and Dubai crude are concerned. 'Despite the similar weekly adjustments… The range really matters at the end of the day for gas stations. For instance, gasoline in this area, despite the same adjustment, the price is still low in that particular area. That's the reason why we have the so-called competition on the ground level. There are price wars in particular areas,' Romero said.—LDF, GMA Integrated News
GMA Network
30-06-2025
- Automotive
- GMA Network
9 oil companies commit to providing fuel discounts
In an advisory, the DOE said Chevron Philippines Inc. (Caltex), Cleanfuel, Jetti Petroleum Inc., Petro Gazz Ventures Philippines Corp., Petron Corp., Phoenix Petroleum Philippines Inc., PTT Philippines Corp., Seaoil Philippines Corp., and Shell Pilipinas Corp. will provide fuel discounts to PUVs and non-PUVs. Phoenix, Seaoil, and Shell are also set to offer similar discounts to TNVS drivers. Nine oil companies have committed to providing fuel discounts to drivers of public utility vehicles (PUVs), non-PUVs, and transport network vehicle services (TNVS) amid the fluctuation of global prices, the Department of Energy (DOE) said Monday. In an advisory, the DOE said Chevron Philippines Inc. (Caltex), Cleanfuel, Jetti Petroleum Inc., Petro Gazz Ventures Philippines Corp., Petron Corp., Phoenix Petroleum Philippines Inc., PTT Philippines Corp., Seaoil Philippines Corp., and Shell Pilipinas Corp. will provide fuel discounts to PUVs and non-PUVs. Phoenix, Seaoil, and Shell are also set to offer similar discounts to TNVS drivers. The discounts will take effect in the third quarter, which begins on July 1, 2025. The DOE is set to meet with retailers again in October to discuss possible discounts to be implemented in the fourth quarter of the year. Each company will have its mechanism to facilitate the discounts, including specific implementation dates, promotional offers, and loyalty programs for private motorists. The corresponding rates will be published on the DOE website and its official Facebook page. 'Kami sa DOE ay nagpapasalamat sa mga kumpanya ng langis sa malaking tulong sa ating mga motorista sa pamamagitan ng kanilang mga diskwento,' DOE officer-in-charge Sharon Garin said in the advisory. 'Patuloy ang aming pakikipag-ugnayan sa kanila upang mas dumami pa ang mga participating gas stations,' she added. (We in the DOE thank the oil companies for their big help to our motorists through their discounts. We continue to coordinate with them to increase the number of participating gas stations.) In a separate briefing, DOE Oil Industry Management Bureau (DOE-OIMB) director Rino Abad said the discounts will be offered through four different types, with guidelines such as a dedicated PUV lane still being finalized. 'Automatic ho 'yung PUV lane, automatic discount agad upon payment. Hindi na mahirap isipin paano i-avail ang discount ng PUV drivers natin,' he said during the Bagong Pilipinas Ngayon briefing. (The PUV lane will be automatic; it will have an automatic discount upon payment. It will no longer be difficult for the PUV drivers to avail of the discounts.) ?Retailers earlier on Monday announced a rollback starting Tuesday, July 1, 2025 — gasoline by P1.40 per liter, diesel by P1.80 per liter, and kerosene by P2.20 per liter. –NB, GMA Integrated News
GMA Network
24-06-2025
- Business
- GMA Network
DOE: Fuel subsidy not needed ‘for now' as crude prices drop
"Mind you, because of the lowering of the prices internationally, it might go lower also… baka hindi na kailangan ng ayuda (there might be no need for subsidy)," Garin told Palace reporters. The government's fuel subsidy program for the public transport and agriculture sectors might not be activated after the price of crude oil in the international market went down, Department of Energy officer-in-charge Sharon Garin said on Tuesday. Garin said that as of Tuesday morning, June 24, the average price of crude oil stood at about $69 per barrel after US President Donald Trump announced that a ceasefire between Israel and Iran was already in place. He also asked both sides not to violate it. "Mind you, because of the lowering of the prices internationally, it might go lower also… baka hindi na kailangan ng ayuda (there might be no need for subsidy)," Garin told Palace reporters. Under the 2025 General Appropriations Act, the P2.5 billion budget allocated for the public transport sector's fuel subsidy will be released once the average price of crude oil breaches the $80 per barrel threshold. Garin said Trump's announcement calmed the industry. "There's less speculation, so it went down to $69 as of this morning,' Garin said. She said that 'technically,' the fuel subsidy is not needed at this time since the price of crude oil has yet to breach $80. Still, Garin said the government was ready to 'distribute anytime.' 'All agencies are bracing for impact, even parang wala namang impact pero we're still preparing for it,' Garin said. To ease the burden on motorists, fuel retailers have agreed to implement the big-time hike in petroleum prices in two tranches. Major petroleum firms hiked the prices per liter of gasoline by P1.75, diesel by P2.60, and kerosene by P2.40, effective 6 a.m. on Tuesday, June 24, 2025. The same price hikes will be implemented at 6 a.m. on Thursday, June 26, reflecting the second tranche of adjustments. The Department of Transportation (DOTr), meanwhile, said it was looking to immediately release the fuel subsidy for operators and drivers of public utility vehicles when a sizable oil price hike takes effect in the country. The fuel subsidy will be released through the Land Transportation Franchising and Regulatory Board (LTFRB), with guidelines now being finalized. Apart from the P2.5 billion fuel subsidy for the public transport sector, the 2025 national budget also allocated P150 million in fuel subsidy for the farm and fisheries sectors at P75 million each once the crude oil price breaches the threshold. –NB, GMA Integrated News
