Former SPEX exec tapped to head Prime Infra’s exploration biz
Sebastian Quiniones Jr.
Enrique Razon Jr.-led Prime Infrastructure Capital Inc. has tapped a former executive of Shell Philippines Exploration B. V. (SPEX) to spearhead its exploration arm as it pursues the Malampaya gas project.
In a statement, Prime Infra said Sebastian Quiniones Jr., former SPEX general manager and managing director, was appointed general manager of Prime Exploration Pte. Ltd. last Aug. 17.
Prime Infra is vying for a significant stake in the deep water gas-to-power project in offshore Palawan.
In July, Prime Exploration signed a share purchase agreement to acquire MEXP Holding Pte. Ltd. (MEXP), a subsidiary of Davao businessman Dennis Uy’s Udenna Corp.
MEXP previously signed an accord with Shell Petroleum N.V. for SPEX’s 45-percent interest in the Malampaya project. SPEX is an operator of the Malampaya gas field.
“Quiniones’ appointment bolsters the commitment of Prime Infra to strengthen its talent capabilities in the upstream industry as it awaits regulatory consent to acquire the shares of the Malampaya operator,” the company said.
The transaction, targeted to be closed before the year ends, is subject to the consent of the Department of Energy and the state-run Philippine National Oil Co.-Exploration Corp. (PNOC-EC)
“It is a reflection of our commitment to ensure that, upon receiving the necessary regulatory approvals and taking over SPEX, we will deliver outstanding operational performance and further the potential of the Service Contract,” said Prime Infra president and CEO Guillaume Lucci.
Prime Infra said Quiniones, who held various key positions throughout his 41-year stint in Shell, would work toward fulfilling the firm’s vision of accelerating investments for expanding the gas-to-power project.
“With his deep industry expertise and unparalleled experience, I am confident that Mr. Quiniones will help ensure that a critical power asset is steered to further development and progress,” Lucci said.
Energy Secretary Raphael Lotilla had said the PNOC-EC would review the Shell-Udenna deal, which would be led by PNOC-EC President Franz Josef George Alvarez.
He said he would make sure the PNOC-EC board would have a complement of professional and competent consultants to carry out the necessary due diligence.
Prime Infra announced in June its intention of acquiring the Malampaya project, which provides about 20 percent of the country’s total electricity requirements, marking its foray into the exploration business.
Gas reserves of Malampaya, which commenced operations in 2001, are estimated to be commercially depleted by 2027. Its service contract would expire in 2024.
