Marcos: More stable power supply with expanded Malampaya development
MANILA, Philippines — President Marcos sees a more stable power supply and lower electricity rates with the expanded development of the Malampaya gas field and blending of imported liquefied natural gas (LNG).
Marcos on Tuesday met with officials of Prime Energy Resources Development B.V. at Malacañang, where he was briefed on the company’s plan to explore and develop indigenous gas prospects and supplement the current indigenous gas production with LNG imports through a gas aggregation framework.
Prime Infrastructure Capital Inc. chairman Enrique Razon Jr., president and chief executive officer Guillame Lucci, senior advisor Sebastian Quiniones and general manager Donnabel Cruz were among those who attended the meeting.MANILA, Philippines — President Marcos sees a more stable power supply and lower electricity rates with the expanded development of the Malampaya gas field and blending of imported liquefied natural gas (LNG).
Marcos on Tuesday met with officials of Prime Energy Resources Development B.V. at Malacañang, where he was briefed on the company’s plan to explore and develop indigenous gas prospects and supplement the current indigenous gas production with LNG imports through a gas aggregation framework.
Prime Infrastructure Capital Inc. chairman Enrique Razon Jr., president and chief executive officer Guillame Lucci, senior advisor Sebastian Quiniones and general manager Donnabel Cruz were among those who attended the meeting.
“It seems that this gas aggregator idea is the key. Again, we have work to do,” Marcos told Prime Energy officials.
The President signed the Renewal Agreement of Service Contract No. 38 on May 15, which allows the continued extraction of natural gas from a portion of the Malampaya gas field until February 2039. The Malampaya contract was supposed to expire next year.
The Malampaya gas field is the only indigenous gas source in the country. Prime Infra holds a 45-percent stake in the Malampaya Gas Project. – Richmond Mercurio
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