A Proposal to the Philippines Department of Energy has been sent by the PXP Energy Corporation to upgrade the natural facilities of gas in the South China Sea called Malampaya to integrate the gas Hubs. This project became operational in 2001.
The Project has a capacity of even more than three thousand megawatts. And it is expected to deplete within a time span of 10 years. And Government is keeping a keen eye on the issue under the section 38.
The suspension of the drilling activity due to the territorial dispute with China has hampered the project badly from almost about 2014. PXP said that the infrastructure and the network is positioned in the Philippine Sea and is using a local name of the South China Sea.
The Project is aimed to bring energy stability to the country and to save it from running out of natural gas reserve resources as predicted to be in 25 years. This will also bring significant amount of profit and revenue to the government. PXP is also interested to buy the share of Chevron around 45% of its share. However, the financial details are not disclosed yet.
PXP wants to grow the Malampaya depleting revenues and is hopeful for the success. The development work at the Liquefied natural gas terminal has been completed. A deal has been signed between Phoenix Petroleum Philippines Inc. and Chinese CNOOC gas that they will add to the national Oil Company. There is another project in Pagbilao province of Luzon which is in the ending phase of its completion as stated by the Australia-Listed Energy World Corp. Ltd.
Tags : Philippines Department, Energy, PXP Energy Corporation, South China Sea, Malampaya ,