The Philippines has announced its first major natural gas discovery in over a decade, a find that promises to extend the life of a critical energy asset and help cushion the nation against a looming power shortage.

President Ferdinand Marcos Jr. on Monday unveiled the "Malampaya East-1" field, located about five kilometers east of the existing Malampaya gas field off Palawan island. Preliminary estimates indicate it holds about 980 billion cubic feet of gas.

"This new resource has the potential to be a high-yielding one, comparable to the initial productivity of Malampaya," Marcos said in a statement. Preliminary tests suggest it could flow at a rate of up to 60 million cubic feet per day. The field also contains valuable condensate, a liquid fuel.

The discovery comes at a crucial time. The Malampaya field, which supplies about 40% of the power for the populous Luzon region, is expected to be depleted within years. The Philippines has been grappling with high energy costs and rising dependence on imported coal.

Analysts say the new find could help bridge the impending supply gap, providing more stable and potentially cheaper electricity for millions of households and businesses. It offers a near-term boost to the country's energy security as it seeks to transition to more renewable sources. The development is likely to be closely watched by investors and regional partners amid ongoing territorial discussions in the South China Sea.Editor/Cao Tianyi