Billionaire Enrique Razon Jr. and partners are investing $893 million to develop a newly discovered natural gas field in Palawan, a move seen as a major boost to the Philippines’ energy independence.

MANILA, Philippines — January 21, 2026 — Prime Energy Resources Development B.V., a subsidiary of Razon’s Prime Infra Holdings, announced that it will spend $893 million alongside consortium partners to expand drilling operations at the Malampaya East-1 (MAE-1) gas field. The discovery, located about five kilometers east of the existing Malampaya reservoir, was confirmed earlier this month and is estimated to hold 98 billion cubic feet of natural gas.

President Ferdinand Marcos Jr. hailed the find as the country’s first major natural gas discovery in more than a decade, noting that it could extend the life of the Malampaya project by 30 percent. The Malampaya field currently supplies up to 20 percent of Luzon’s power requirements, making it a critical component of the nation’s energy infrastructure.

“This is a victory for the Filipino people,” Prime Energy said in a statement, emphasizing that the investment will help reduce reliance on imported liquefied natural gas (LNG) and stabilize electricity prices. The Department of Energy (DOE) also confirmed that additional drilling at Camago-3 and Bagong Pag-asa-1 wells may yield further reserves within the quarter.

The announcement had an immediate impact on the stock market, with Razon-led companies seeing increased investor confidence. International Container Terminal Services Inc. (ICTSI) rose ₱8.50 to ₱620 per share, while Manila Water gained ₱0.15 to ₱39.80 per share.

Government officials underscored the importance of transparency and regulatory oversight in the project, stressing that revenue-sharing and auditing mechanisms must be strictly enforced. Energy analysts, meanwhile, noted that while natural gas is cleaner than coal, the Philippines must balance fossil fuel expansion with renewable energy targets.

The $893 million investment signals strong confidence in the country’s energy sector and is expected to generate local jobs and infrastructure development. For the Philippines, the Malampaya East-1 project represents not just an economic milestone but also a strategic step toward long-term energy security.

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