Malampaya, which is jointly owned by the government, Dennis Uy’s Udenna Corp and Enrique Razon’s Prime Energy Resources, is also expecting to begin natural gas production by 2026.
Filipino President Ferdinand R. Marcos Jr and Prime Energy has recently discussed the company’s plans to explore and develop indigenous gas prospects, supplement current gas production with LNG imports through a gas aggregation framework, and promote stability, competitiveness, and growth in the country’s gas market.
Prime Energy unveiled its plan to import LNG to compensate for shortfalls in Malampaya gas and discussed blending imported LNG with Malampaya gas to ensure a stable supply at prices below international rates. The blended gas will be offered by Prime Energy and PNOC Exploration Corp. (PNOC-EC) to all gas power plants at the same price.
The President emphasized the government’s commitment to ensuring supply stability, affordability, transparency, and competition in the Philippine natural gas market, particularly with the introduction of imported LNG for the first time.
Further, Prime Energy plans to commence drilling activities by 2025 in the Camago and Malampaya East fields, which are in close proximity to the existing Malampaya Platform, and participate in other service contracts.
