Excelerate Gets Approval for Philippine Floating LNG Terminal
Texas-based Excelerate Energy has received from the Philippine Department of Energy (DOE) the Notice to Proceed (NTP) to develop a floating liquefied natural gas (LNG) import terminal in the Bay of Batangas.
The project, Luzon LNG, will supply natural gas, sourced from LNG, to existing and new gas-fired power plants in the region that provide electricity to Luzon including the area of Metro Manila.
As explained, this abundant and secure source of gas supply will augment the existing gas production from the domestic Malampaya fields, as reserves from these fields begin to deplete.
“We are pleased to have received this significant approval from the Government of the Philippines in supporting the country’s long-term energy objectives – this is an important milestone to move the project forward,” Daniel Bustos, Excelerate Energy Chief Commercial Officer, commented.
The proposed project will be located offshore the city of Batangas to minimize the impact to the existing shipping traffic in the area and coastline.
The terminal will utilize Excelerate’s offshore technology specifically designed to perform in extreme weather conditions.
Luzon LNG will combine all necessary elements to meet the region’s natural gas requirements including a fully-integrated turnkey floating LNG terminal, arranging the necessary supply of LNG and distribution of natural gas to end-users across Luzon.
Excelerate will develop, design, permit, construct, finance, and operate the terminal.
Following the NTP, the company will seek the necessary permits and raise financing for the project.