Razon creates Malampaya brainstorming council as gas depletion nears
Razon-led Prime Infrastructure Capital Inc. has enlisted technical experts to optimize the resources of the Malampaya deep water gas-to-power project.
In a statement, Prime Infra said its unit, Prime Energy Resources Development B.V., had established an advisory council to help develop multiyear exploration and development programs for Malampaya. Joint venture partners and the Department of Energy (DOE), agreed that “urgent action” was needed to address the depletion of gas supply at Malampaya. Located off Palawan island, the project supplies about 20 percent of Luzon’s total electricity requirements.
“By 2025-2026, gas exports will reach near technical minimum before new gas can be sourced,” it added.
Members of the council include Cesar Buenaventura, the first Filipino president of Pilipinas Shell Petroleum Corp., who was instrumental in guiding major oil players to invest in and develop the Malampaya project.
Also a member is Jose Ibazeta, director of Prime Metro Power Holdings Corp. who served as president and CEO of state-run Power Sector Assets and Liabilities Management Corp. Another is Acting Energy Secretary Rufino Bomasang, former president and CEO of Philippine National Oil Company-Exploration Corp., who was executive director of Office of Energy Affairs, the forerunner of the DOE. Bomasang was the government counterpart of Cesar Buenaventura in establishing the upstream sector.
Prime Infra likewise tapped Antoine Bliek, former Shell project manager for Malampaya Phase 2 and 3, who was once a project director of Shell Majnoon in Iraq.
Jose Jerome Pascual III, previously a finance director of Shell Philippines Exploration B.V., and chief finance officer, chief risk officer and vice president for finance and treasurer of Pilipinas Shell, is also part of the council.
“The success of the multiyear exploration and development programs of Prime Energy will be made possible through the full support of its parent company Prime Infra, the newly formed advisory council, the DOE, and the Malampaya consortium partners,” it said.
—Jordeene B. Lagare INQ
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