• Malampaya project draws $1-B investment

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    A second Malampaya Gas platform is being built at the Keppel Subic Shipyard in Subic, Zambales, at a cost of $750 million, bringing total investment in the natural gas project to $1 billion.

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    The new platform will ensure that the current level of gas production is maintained at the Malampaya natural gas facility off Palawan, which provides fuel for 40 percent to 45 percent of Luzon’s power requirements.

    “The investment in Malampaya Phase 2 is $250 million and Phase 3 is $750 million, a total of $1 billion. That money was raised by a consortium and we didn’t get any loan from the [Philippine] government,” said Shell Philippines Exploration B.V. (SPEX) managing director Sebastian Quiniones.

    “The scale of this European investment is significant by any measure. Several European companies are involved in this endeavor that promises to secure an important source of revenue for the Philippine people while creating new jobs for well-trained Filipinos in their own country,” European Union Ambassador to the Philippines Guy Ledoux said.

    The scale of the project required the use of a 1,500-ton gantry crane—the largest in Southeast Asia—that was built at Keppel Subic Shipyard. European companies Boskalis and Mammoet were tapped to undertake the offshore transport and installation of the second gas platform beside the existing one.

    On Thursday, an EU delegation led by Ledoux visited the site where the new natural gas platform is being fabricated. The delegation consisted of several European ambassadors including Josef Muellner of Austria, Roland Van Remoortele of Belgium, Massimo Roscigno of Italy, Michael Hasper of Germany, Hero de Boer of Netherlands, and Mihai Sion of Romania. Also joining them were deputy heads of mission Jan Vytopil of the Czech Republic and Nicholaos Verghis of Greece, and the commercial counselor of France, Marie-Jose Conna.

    “We are happy to welcome the European Union delegates to the Malampaya Phase 3 Fabrication Yard and showcase a technological innovation where a gas platform is being built for the first time in the country. The relationship between the European Union and the Philippines has been a longstanding one and we are positive that this partnership will continue to broaden and deepen our ties and help each other progress as nations,” Quiniones said.

    The Malampaya Deep Water Gas-to-Power Project was developed and is operated by SPEX on behalf of joint venture partners Chevron Malampaya LLC and the Philippine National Oil Co.-Exploration Corp. under Service Contract 38.

    Natural gas is the cleanest-burning fossil fuel with an abundant and diverse supply globally, which is why it is a preferred fuel source for sustainable growth and development.

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