MANILA, Philippines — State-run Philippine National Oil Co. (PNOC) is open to partner with companies interested to invest in the country’s liquefied natural gas (LNG) projects.
Partnership with prospective investors will allow the government to monitor developments in the LNG sector, PNOC president Reuben Lista said.
In February last year, PNOC had signed a memorandum of understanding (MOU) with Dennis Uy-led Phoenix Petroleum Philippines Inc. and CNOOC Gas and Power Group Co. Ltd. to explore and discuss business opportunities and cooperation in relation to the equity investment in Tanglawan.
The MOU will also allow PNOC to provide a strategic alliance in further developing the Tanglawan LNG project, with the government-run corporation’s involvement in the areas of pipeline infrastructure and franchise, banked gas, equity, and other marketing opportunities.
However, towards the end of the year, Phoenix Petroleum and CNOOC had separately asked the Department of Energy (DOE) to suspend their request for permit extension for Tanglawan’s planned LNG terminal.
This is because of the entry of Udenna Corp. – which is also led by Uy – in the Malampaya deep water-gas-to-power project through the acquisition of Chevron Philippines Ltd.’s 45 percent participating stake.
But even before the request to suspend the Tanglawan project, PNOC has been partnering with foreign companies to invest in various oil and gas infrastructure projects in the country.
PNOC had signed an MOU with China Petroleum Pipeline Engineering Co. (CPP) to jointly pursue liquefied natural gas (LNG), refinery, and oil depot projects all over the country.
CPP is a unit of state-run China National Petroleum Corp. which specializes in pipeline engineering and construction.
PNOC also signed an MOU with Israel-based Ratio Petroleum Ltd. to pursue possible joint oil and gas exploration projects in the country.
The MOU seeks to establish cooperation between the two parties to conduct research and feasibility studies; exchange of technical information, including coordination to facilitate necessary permits and clearances; and sharing of technical resources and capabilities for project development.
The state-run firm also signed an MOU with Dubai-based Lloyds Energy to explore cooperative ways for the development of LNG facilities and natural gas generation plants and other related activities in government properties in Limay, Bataan, Bauan, Batangas, and Mabini, Batangas.