The Philippine National Oil Company (PNOC) has confirmed that the feasibility study for a proposed strategic petroleum reserve facility in Bataan is on track to be completed by the end of 2026.
The state-owned energy firm, which is mandated to implement the national oil stockpiling program, provided the update on Thursday, marking a concrete step forward in the Philippines' efforts to bolster its energy security infrastructure.
The Bataan site has been identified as a key location for the strategic reserve, which aims to mitigate supply disruptions and stabilize domestic fuel prices.
The completion of the feasibility study is a critical prerequisite for securing funding and initiating construction, which would follow subsequent regulatory approvals and environmental assessments.
This development aligns with broader regional trends where Asian economies are increasingly prioritizing strategic energy reserves to hedge against geopolitical volatility and supply chain shocks.
The Philippines, a net importer of crude oil and refined products, has long sought to establish a robust stockpiling mechanism to reduce its vulnerability to global market fluctuations.