Prime Energy of tycoon Enrique Razon has exceeded its target natural gas output from Malampaya for April, May and June this year.
In a statement, Prime Energy said this was made possible by efficient maintenance and integrity of equipment in the Malampaya Deep Water Gas-to-Power project.
These, the statement said, contributed to high sales and fulfillment of the usual high gas demand during the dry season.
Energy production and supply exceeded Malampaya’s target, with sales in the second quarter of 2023 reaching 280 million standard cubic feet per day (MMSCFD) against a target of 274 MMSCFD.
“We are very proud of the excellent performance of the asset, enabled by the tireless commitment, ingenuity and proven capability of Prime Energy employees,” said Donnabel Kuizon Cruz, Prime Energy general manager.
“We intend to maintain a reliable supply of indigenous gas to our customers while we continue the hard work of exploring for new sources to address the natural decline of the Malampaya gas field,” Kuizon said.
“We remain committed to being the partner of choice in providing energy sufficiency and security to the country,” she said.
Operating under an all-Filipino management and staff, Prime Energy continues to show its capability and competence in operating and maintaining the Malampaya project to harness natural gas and provide safe, reliable, and clean energy to Filipinos.
Malampaya currently supplies natural gas to four generation plants in Batangas, with a combined capacity of 2,011 megawatts.
The Malampaya platform, pipelines, and production systems went through a two-week maintenance work early in February 2023. Working in close coordination with the Department of Energy, the maintenance was completed with zero accident.
President Ferdinand R. Marcos Jr. approved the renewal of Service Contract no. 38 (SC 38) in May 2023, extending the project for another fifteen (15) years until February 22, 2039.
Under SC 38, the Malampaya consortium will be remitting 60 percent of net proceeds from petroleum operations to the national government.
The consortium has remitted more than $13.14 billion from October 2001 to December 2022.
This is not the first time that Malampaya has exceeded its projected revenues.
From starting commercial operations in 2002 until the end of 2022, the gas production facility generated total sales of more than $13 billion against total projected sales $10 billion.
TSB
Your subscription could not be saved. Please try again.
Your subscription has been successful.
Read Next
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.
For feedback, complaints, or inquiries, contact us.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
