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MANILA – State-owned Philippine National Oil Company (PNOC) and US-based energy company New Fortress Energy LLC signed a memorandum of understanding (MOU) to identify potential opportunities to advance the development of liquefied natural gas (LNG) infrastructure in the country.
In a statement released by the Department of Energy (DOE) on Thursday, PNOC President and CEO Reuben Lista and New Fortress Energy President and CEO Wes Edens signed the memorandum of understanding Wednesday.
DOE Secretary, Alfonso Cusi, witnessed the virtual signature.
“We welcome this recent development in light of our intensified efforts to ensure the country’s energy security with the expected depletion of Malampaya, and as part of our initial steps to achieve our vision of establishing the Philippines as a regional LNG hub in Southeast Asia. We hope that this partnership will bear fruit that benefits our people, “said Cusi.
Since December 2018, PNOC has been in the process of competitive selection of a partner for the LNG terminal project, as it aims to encourage the private sector to invest in LNG infrastructure and value chain in the country.
Lista said the US energy company can help PNOC close the gaps in the local LNG value chain and help the country achieve its vision of being a potential LNG hub in Southeast Asia.
Edens said the signed memorandum of understanding will enable cleaner, more affordable and reliable energy for Filipinos.
“Increasing access to energy on all islands at a rapid pace will create significant growth opportunities. We look forward to working closely with our PNOC partners and the government to provide more reliable energy and help accelerate the transition to clean energy, ”added Edens.
Last Tuesday, Cusi said the DOE issued notices to proceed to four of the five companies that proposed to build LNG terminals in the country.
DOE accelerates moves to attract more investment in the LNG industry, as the Malampaya gas field service contract will expire in 2024.
However, the DOE chief said that reserves in Malampaya will go beyond 2024. (PNA)
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