Philippines seeks natural gas investors

LNG tanker
LNG tanker off the Palawan coast

The Philippines is on the outlook for substantial investments into the country’s natural gas sector, with the Department of Energy pursuing talks with natural gas firms from Brunei and Canada in preparation for the expected exhaustion of the reserves at the Malampaya gas field off Palawan by 2024.

One company is Petroleum National Brunei, the national oil company of Brunei, which is currently conducting a study on possible investment in liquefied natural gas (LNG) facilities in the Phividec Industrial Estate in Misamis Oriental, according to Energy Secretary Carlos Jericho Petilla.

Petilla recently also traveled to Canada to attend an LNG  forum and present investment opportunities in natural gas in the Philippines.

The Philippine government aims to pursue the massive use of alternative fuels such as natural gas given the global oil price volatility. The country is vulnerable to these price fluctuations as it imports more than 90 per cent of its fuel requirements.

The Department of Energy has so far identified 13 “critical” natural gas projects in Luzon, which should all be in place by 2030 to support an aggressive expansion of natural gas use in the power and transport sectors. The Luzon-based projects were considered “strategic infrastructure for receiving, storage, transmission and distribution” of natural gas.



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[caption id="attachment_8234" align="alignleft" width="240"] LNG tanker off the Palawan coast[/caption] The Philippines is on the outlook for substantial investments into the country's natural gas sector, with the Department of Energy pursuing talks with natural gas firms from Brunei and Canada in preparation for the expected exhaustion of the reserves at the Malampaya gas field off Palawan by 2024. One company is Petroleum National Brunei, the national oil company of Brunei, which is currently conducting a study on possible investment in liquefied natural gas (LNG) facilities in the Phividec Industrial Estate in Misamis Oriental, according to Energy Secretary Carlos Jericho Petilla....

LNG tanker
LNG tanker off the Palawan coast

The Philippines is on the outlook for substantial investments into the country’s natural gas sector, with the Department of Energy pursuing talks with natural gas firms from Brunei and Canada in preparation for the expected exhaustion of the reserves at the Malampaya gas field off Palawan by 2024.

One company is Petroleum National Brunei, the national oil company of Brunei, which is currently conducting a study on possible investment in liquefied natural gas (LNG) facilities in the Phividec Industrial Estate in Misamis Oriental, according to Energy Secretary Carlos Jericho Petilla.

Petilla recently also traveled to Canada to attend an LNG  forum and present investment opportunities in natural gas in the Philippines.

The Philippine government aims to pursue the massive use of alternative fuels such as natural gas given the global oil price volatility. The country is vulnerable to these price fluctuations as it imports more than 90 per cent of its fuel requirements.

The Department of Energy has so far identified 13 “critical” natural gas projects in Luzon, which should all be in place by 2030 to support an aggressive expansion of natural gas use in the power and transport sectors. The Luzon-based projects were considered “strategic infrastructure for receiving, storage, transmission and distribution” of natural gas.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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