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SUPPLY
The Philippines produces negligible amounts of onshore
gas but began producing offshore gas from the deep water
Malampaya-Camago complex in the Palawan basin north west of Palawan
Island in 2001. Gas production continues to rise and should do for at
least a decade.
The country has also had minor offshore oil production from the same
basin since 1979 but output of natural gas liquids and condensate from
Malampaya-Camago now dwarfs these almost depleted fields. Output of oil
has risen steeply both as a result of these liquids and as marginal
fields are developed but, on current prospects, 2009 may mark the peak.
DEMAND
The Philippines imports most of its oil and, although its
economy has grown substantially over the last two or three years, high
prices have reversed oil demand growth. Consumption is expected to
remain flat for the next decade.
Meanwhile gas consumption has increased rapidly in line with production
and new markets should be created as the country accesses more of its
gas. Several potential new developments in Philippine waters have been
identified.
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