Malampaya JV Hands Over $1.1 Bln Check to Gov’t (Philippines)
The Department of Energy (DOE) together with the Malampaya Joint Venture Partners today turned over a total of US$1.1 billion dollars to the Philippine National Government in a ceremonial check handover held at the Office of the Secretary, Department of Finance Building, Manila.
The amount represents the government’s revenue from operations for the year 2012, from the pioneering natural gas project that supplies 2,700 megawatts or up to 45% of Luzon’s power requirements. The Department of Finance (DOF) Secretary Cesar V. Purisima received the symbolic check from the Malampaya Joint Venture Partners.
“Malampaya continues to benefit the country by providing much needed government revenue, and clean energy to power the lives of millions of Filipinos,” Sebastian Quiniones, Shell Philippines Exploration BV (SPEX) managing director said.
Prior to the ceremony, Quiniones presented the project’s next phases of development, called Malampaya Phase 2 and 3 (MP2 and MP3). These projects include the drilling of two additional production wells (MP2) and the installation of a second platform to house additional compressors for depletion compression (MP3). He revealed that MP2 and MP3 will continue to deliver these benefits as the country continues on its journey towards energy security.
“We proceed with the project’s next phases of development with the same standards of excellence and commitment to safety that we have lived by all these years, as we know the generations of Filipinos who benefit from Malampaya deserve nothing less,” Quiniones shared.
Malampaya is one of the largest and most significant industrial endeavors in Philippine history, heralding the birth of the natural gas industry in the country. A joint undertaking between the Philippine national government and the private sector, the technologically innovative gas project is spearheaded by the DOE, developed and operated by SPEX, in behalf of joint venture partners Chevron Malampaya LLC and the PNOC Exploration Corporation under Service Contract No. 38 (SC 38).
As Malampaya operator, SPEX continues to shape the future of energy and gas by using advance technologies and innovation to help deliver cleaner energy and to find ways to use energy more efficiently.
“Malampaya is a prime example of what we can do if we work together towards a shared vision,” Secretary Petilla said during the event. “It is proof of what the Philippines is capable of and a testament to the Filipino spirit. It has set the standard for future energy projects to aspire to.”
Apart from meeting the bulk of Luzon’s power generation requirements, Malampaya has been providing other benefits to the country such as reduced oil imports, a stable supply of energy and a cleaner source of power.
Natural gas is the fuel for sustainable growth and development, helping to meet the world’s future energy needs as the cleanest-burning fossil fuel with a globally abundant and diverse supply. Aside from sustaining the level of gas production, the MP2 and MP3 innovation will maximize the recovery of natural gas from the Malampaya reservoir.
Press Release, October 03, 2013