February 15, 2023 | 8:06 pmTHE PHILIPPINES will need to turn to the volatile spot market for liquefied natural gas with major power producers currently dependent on dwindling Malampaya gas yet to conclude long-term import agreements, Fitch Solutions Country Risk and Industry Research said in a report.
The Malampaya gas field, which began commercial operations in 2002, supplies power plants in Batangas accounting for 20% of Luzon’s total electricity requirements, the Department of Energy said. Depletion of the easily-extracted gas is expected by 2027, possibly forcing the SC 38 operators to resort to more costly methods for tapping the remaining gas.
Linseed, an arm of Atlantic Gulf & Pacific Co., said that it has completed the conversion of a vessel into a floating storage unit for gas. The company is expected to start taking delivery of gas by March.
Source: News Formal (newsformal.com)
LNG prices are low right now. It's not just the PHILIPPINES that will be dependent on LNG. It's the entire EU. Thanks to the US blowing up Nordstream
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