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Philippines to Maximize Oil and Gas Resources, Marcos Says

The Philippines intends to maximize its oil and gas resources, and will keep the tax breaks in the energy sector to attract more investors, President Ferdinand Marcos Jr. said Tuesday. 

The Energy Department recently allowed Nido Petroleum Philippines Pty Ltd to proceed with the site survey of its drilling locations this quarter, which will pave the way for the drilling of two wells in the first half of 2023, Marcos said in a statement. Nido Petroleum is a unit of Australian firm Sacgasco Limited.