SPEX draws its expertise from an extensive global experience in deep water oil and gas exploration and production. After receiving its license to do business in the Philippines in 21 January 1991, SPEX entered into a Joint Venture Agreement with Occidental Philippines, Inc. (OxyPhil) to fulfill their obligation with the Philippine Government to explore and develop Service contract 38 (SC38) offshore Northwest of Palawan. The Joint Venture partners agreed that SPEX will be the Operator. This means that SPEX provides the technical skills, manpower and technology to be employed in the JV undertakings. Substantial amounts of natural gas and oil was found in the Malampaya structure by Shell Philippines Exploration BV and partner Occidental Petroleum in May 1992. Development of the Malampaya/Camago gas reservoir is hinged on the Gas Sale and Purchase Agreement with buyers of natural gas, due to the substantial investment required. The development of Malampaya/Camago will provide trade balance improvements for the Philippines. Instead of having to buy imported coal or low sulphur oil as a source of power, the Philippines can use indigenous gas that will generate cost competitive electricity and provide for a cleaner environment. In particular, this project will provide the country with very substantial revenues that can be invested in additional infrastructure and other Government projects designed to stimulate economic growth and improve living conditions of Filipinos. Additionally, the Malampaya/Camago Gas Project will create quality jobs. The project will create more opportunities especially for Filipinos as the requirement for technical and industrial staff starts to build up. The birth of the gas industry in the Philippines can be summarised as follows: power, revenues, jobs and a cleaner environment.
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