PRIME Infrastructure Capital, Inc., the Department of Energy (DoE) and state-led Philippine National Oil Co. (PNOC) have started assessing the offshore Malampaya gas-to-power project to ensure its continued operations as the country faces power supply issues.
“We are at a critical time right now in our country’s energy transition. We aim to contribute by doing all that can be done to generate as much power as possible to keep up with the energy demands in Luzon,” Prime Infra President and Chief Executive Guillaume Lucci said in a media release on Tuesday.
Prime Infra, through its unit Prime Energy Resources Development B.V., has recently acquired a 45% stake in the Malampaya project. The company and other members of the Malampaya consortium are the contractors behind Service Contract 38. UC38 LLC and PNOC Exploration Corp. own a 45% and 10% interest, respectively.
Mr. Lucci said that with “the urgency to sustain the operations of Malampaya at a time of great energy insecurity,” the visit by Energy department officials with the Prime Infra group to the shallow water platform “is timely and necessary.”
Currently, the Malampaya gas field supplies up to 20% of Luzon’s total energy requirements. However, the service contractors’ concession is set to expire by 2024 while the gas field’s supply is expected to be depleted by 2027.
In November, Prime Infra said that it was seeking to extend the license for the Malampaya service contract.
“Prime Infra is well-positioned to continue the solid track record of Malampaya recognized all over the world. The company’s energy portfolio is aligned with the national government’s goal to attain energy independence and security,” the company said. — Ashley Erika O. Jose
