₱2B eyed for Malampaya drilling preps next year

PNOC-EC, which holds a 10-percent minority stake in the Malampaya gas to power project, disclosed this amount during a Senate finance subcommittee deliberation on its proposed ₱11.7-billion budget for 2024 on Friday,

"Ongoing ang preparations for drilling [The preparations for drilling are ongoing] in 2025," PNOC EC President and CEO Franz Alvarez said. “By 2025, we will drill two additional wells and hopefully… if successful po siya [if it is successful] by 2026, may production na po tayo, additional [we would have additional production],” he added.Malampaya operator Prime Energy Resources Development earlier told a Senate committee on energy hearing it will take five to 10 years to develop new indigenous gas resources in the same service area of the Malampaya project in Palawan.

In the meantime, Senate committee on energy vice chairperson Sherwin Gatchalian suggested importing liquefied natural gas to stabilize supply. The PNOC said it is scouting for investors for a third LNG terminal in Bataan, to augment two existing ones in Batangas.

Source: News Formal (newsformal.com)

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

WATCH: Philippine, Canadian Navy ships hold joint sail in West Philippine SeaThe BRP Antonio Luna and the HMCS Ottawa meet at the vicinity of the Malampaya Gas Platform
Source: rapplerdotcom - 🏆 4. / 86 Read more »

PH government plans research expedition to West Philippine SeaThe plan comes following an underwater survey that found damage in Rozul Reef and Escoda Shoal after Chinese maritime militia were seen in the area
Source: rapplerdotcom - 🏆 4. / 86 Read more »

Philippine Estates Corporation issues Notice of Annual Meeting of Stockholders • BMPlusA broader look at today\u2019s business
Source: BusinessMirror - 🏆 19. / 59 Read more »

South Korean shipbuilder offers submarines to Philippine NavyHanwha Ocean, a South Korean shipbuilding and offshore company, plans to participate in the Philippine Navy's modernization efforts, focusing on
Source: MlaStandard - 🏆 20. / 55 Read more »

Net Asset Value Per Share (NAVPS) Performance (as of September 21, 2023) • Philippine Investment Funds AssociationA broader look at today\u2019s business
Source: BusinessMirror - 🏆 19. / 59 Read more »

Duterte shares insights on Philippine education at Seoul summitIn a forum in South Korea, Vice President and Education Secretary Sara Duterte on Thursday gave her insights on how
Source: MlaStandard - 🏆 20. / 55 Read more »