Quantcast
Latest Stories

Brunei state oil company signs agreement with PNOC

Investment opportunities in LNG in Mindanao

By

Petroleum National Brunei, the national oil company of Brunei Darussalam, has signed an agreement with state-run Philippine National Oil Co. to jointly implement investment opportunities in the liquefied natural gas (LNG) and upstream oil sectors here.

According to a document from the Department of Energy, the signing of the agreement was an offshoot of the visit conducted by Petroleum Brunei and Brunei LNG Corp. in Mindanao last October.

“Petroleum National Brunei is keen on the proposed floating, storage regasification unit (FSRU) project in Mindanao, in which a delegation from Petroleum Brunei and Brunei LNG, together with PNOC and the DOE, conducted a visit in the proposed site in Phividec,” the document stated.

The DOE noted that in the first quarter of 2012, the World Bank provided a technical assistance to the energy agency in identifying an appropriate location for an FSRU. The Macajalar Bay at the Phividec industrial complex in Tagoloan, Misamis Oriental, was deemed a favorable location for the project due to its great marine characteristics, allowing lowest cost terminal option in the area, the DOE explained.

The site also has Mindanao’s most concentrated industrial load and has access to transmission, it added.

As early as September this year, the DOE, then under former Energy Secretary Jose Rene D. Almendras, disclosed Brunei’s interest to put up LNG facilities in Mindanao, which may include the construction of a 300-megawatt gas-fired power plant to serve as an anchor load.

Almendras earlier explained that it was the Philippine government that extended the invitation to Brunei to “have a serious look at the LNG prospects in Mindanao” during the 20th Asia Pacific Economic Cooperation (Apec) leaders’ summit in Vladivostok, Russia, last September.

Should the proposed investments push through, the LNG project in Mindanao will not only be a first for the island, but will also mark the first foray of the Brunei government into LNG downstream investments outside its country.

The move to invite investors to look at prospective LNG projects in Mindanao was aligned with the Philippine government’s efforts to provide more sustainable solutions to the perennial power supply problems on the island.

The Philippine government has since been pushing for the use of alternative fuels such as natural gas as this can help address spiraling fuel prices in the long run, an expected diminishing petroleum supply as well as the looming environmental problems.


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: Agreement , Brunei , Business , Energy , oil , Petroleum National Brunei , pnoc

  • mynnyx

    tama yan sa brunei kasi mabait sila sa mga pinoy………pumunta ka sa brunei kung paano respetuhin ng gobyerno ng brunei ang mga pinoy……….ibang klase …………….kaysa mga intsik………….di kanila inaankin……………



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

  • Title of new Hillary Clinton book: ‘Hard Choices’
  • Filipinos, Dutch re-enact crucifixion of Christ
  • 14 killed in car bombing in Homs
  • 57-nation group plays key Ukraine monitoring role
  • French President Hollande’s top aide resigns
  • Sports

  • Nadal ousted by Ferrer in Monte Carlo quarters
  • Pacquiao shorts in Bradley fight sold for P1.7M in LA auction
  • Ryu pitches Dodgers past Giants
  • Alonso sets the pace in Chinese GP practice
  • Heat seek Three-peat but Spurs, Pacers top seeds
  • Lifestyle

  • Levine designs womenswear with help from fiancee
  • Gabriel Garcia Marquez, Nobel laureate, dies at 87
  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • Entertainment

  • EXO postpones release of mini album ‘Overdose’
  • ‘X-men’ filmmaker slams ‘fabricated’ sex attack claims
  • Singer Chris Brown’s bodyguard on trial in DC
  • Whoopi Goldberg debuts as marijuana columnist
  • ‘X-men’ director accused of sex assault on teen boy
  • Business

  • Italy sells luxury state cars on eBay
  • Asian shares mostly up in quiet trade
  • Dollar up in Asia on US jobs data, Ukraine deal
  • Barbie doll has a problem
  • Oil prices mixed ahead of long Easter weekend
  • 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

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Filipina accomplice arrested for fake bills in Malaysia
  • DoH denies Filipino nurse no longer positive for MERS virus
  • WHO warns vs spread of MERS-Cov, urges vigilance in taking precautions
  • Last call for nominations to ’14 Presidential Awards
  • San Francisco business coalition slams proposed tax on sugary drinks
  • Marketplace