President Ferdinand R. Marcos Jr. signs the renewal agreement for the Malampaya Service Contract No. 38 (SC 38) at the Malacañang Presidents Hall on Monday, May 15, 2023.

The 25-year production contract, which expires on Feb. 22, 2024, has been renewed for a final 15 years or until Feb. 22, 2039.

In a statement, the Department of Energy said this would allow for the continued production of the Malampaya gas field, ensuring that the remaining gas reserves are further explored and utilized.

PNA photos by Rey Baniquet