Quantcast
Latest Stories

Gov’t earns $1.1B from Malampaya stake

Operators of gas project sets drilling of new wells

By

The government earned $1.1 billion in 2012 from its 10-percent stake in the Malampaya natural gas project through PNOC Exploration Corp.

PNOC-EC, along with project operator Shell Philippines Exploration BV (Spex) and joint-venture partner Chevron Malampaya LLC, on Friday turned over to the Department of Finance a symbolic check for the government’s share.

Spex managing director Sebastian Quiniones said in a statement that the consortium was proceeding with the project’s next two phases of development.

Malampaya Phase 2 entails the drilling of two additional production wells while Phase 3 involves the installation of a second platform that will house additional key equipment.

The production facility some 80 kilometers off Palawan is part of the larger Malampaya deep water gas-to-power project, which covers three power plant complexes in Batangas. The power plants account for a total installed capacity of 2,700 megawatts, which represent up to 45 percent of Luzon’s electricity needs.

According to the consortium, the next two phases of the project are expected to maximize the recovery of natural gas from the Malampaya reservoir aside from sustaining the level of gas production.

“We proceed with the project’s next phases of development with the same commitment to safety that we have lived by all these years,” Quiniones said.

While the Malampaya group can handle the drilling of wells such as those entailed by Phase 2, it has contracted for Phase 3 Texas-based Fluor Corp., which signed up in August 2011.

Malampaya’s third phase involves the installation of a depletion compression platform that is linked by a bridge to the existing one. The original platform, which at an installation weight of 11,500 tons and was built in Subic Bay, is said to be the largest integrated deck ever installed in the Asia-Pacific region.

Fluor has provided engineering services for and conducted a hazard and operability analysis on the existing platform. Fluor is responsible for the topsides and substructure of the new platform, which is expected to be completed in the latter part of 2015.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , malampaya natural gas project , PNOC Exploration Corp. , revenue

  • http://profile.yahoo.com/AIYSIJJOL4JNRLHXVTGUH3NYHM The Overlord

    $1.1B is just chump change compared to the real value of the oil deposits in Malampaya. Magkano dyan ang share ng mga taga-Palawan, people who should really be the first to benefit from the project?

    • rickysgreyes

      Yup the Multinationals are getting our natural resources for a pittance. At least double the $1.1billion

  • http://profile.yahoo.com/UZMYIL5FXLVIHRZXBQGONZS6U4 Jhune

    Malakilaki na paghahatian ng mga gahaman sa gobiyerno at kung may pomiyok tiyak may mamamtay, ingat lang ang mga reporter.



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • $57-B mega plan to solve Metro’s mega woes
  • Aquino vows to step up fight against corruption
  • Santiago scoffs at rushing defense pact for Obama visit
  • Former solon, 2 others sanctioned for unfair labor practice
  • Let us pray for the nation, healing priest asks leaders
  • Sports

  • PH Am match play golf under way at Orchard
  • Road Warriors target win No. 6 vs Oilers
  • UE Warriors test new system in Filoil Hanes Cup
  • Boxer Rubin ‘Hurricane’ Carter dies at 76
  • Wawrinka beats Federer to win Monte Carlo Masters
  • Lifestyle

  • Transitions and resurrection in the performing arts
  • ‘Archaeology tour’ of Cebu’s heritage of faith
  • Historic Fort Bonifacio tunnel converted into a septic tank
  • ‘Imports’ from London, and play of the year
  • Korean animation comes of age
  • Entertainment

  • Easter musings
  • Solenn in shorts
  • Unmerry mix of attention-calling moves on ‘Mini-Me’ TV tilts
  • Persistence pays off for The 1975
  • Special section in LA fest for Filipino films
  • Business

  • BDO seen keen on bidding for Cocobank
  • Bataan freeport investment pledges up 1,302%
  • Golden Week
  • Bourse to woo Cebu stock mart investors
  • Supper power
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Gigi’s home
  • Palace stonewalls on MRT inquiry
  • Couple of things too
  • There is plenty of water behind Wawa Dam
  • Triduum thoughts of a young boy
  • Global Nation

  • Search for Etihad passengers launched
  • Japan presents $57-B ‘dream plan’ to solve Metro congestion
  • Tim Tebow’s charity hospital in Davao seen to open in 7 months
  • OFW died of Mers-CoV in Saudi Arabia, says family
  • Aquino, Obama to tackle US pivot to Asia during state visit
  • Marketplace