The Philippines’ natural gas supply from the Malampaya field is projected to last until 2024, making the country an emerging liquefied natural gas (LNG) market in Asia, Department of Energy (DoE) Undersecretary Jesus Cristino Posadas said Tuesday.
“We are working closely with legislators to facilitate the enactment of a law declaring energy projects as projects of national significance and for the Philippine Department of Energy to develop a program for LNG infrastructure,” Posadas said as he opened the three-day 6th Asean+3 Oil Market and Natural Gas Forum and Business Dialogue held at the Sofitel Hotel.
“We are also looking at LNG importation as an option to supplement or replace our local natural gas to ensure sustainable supply for power and eventually to non-power applications,” he added.
The forum, conducted under the platform of the Senior Officials’ Meeting on Energy (SOME) +3 and Asean Ministers on Energy Meeting (AMEM) +3, aims to continue sharing knowledge and expertise, policy updates, best practices on oil and natural gas situation and developments among the Asean+3 member countries.
The forum sessions mainly focused on updates on the oil and gas market situation and outlook, flexible and transparent LNG market for the Asean, oil and gas business updates, and oil and gas policy updates.
Representatives and other delegates actively participated in the roundtable discussion and open forum. They come from the government, national oil companies and business sectors of Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Thailand, Vietnam, China, Japan, and South Korea.
Also present in the event were representatives of the Asean Center for Energy (ACE), Asean and the Asean Council on Petroleum (ASCOPE).
The event is the second time the Philippines is hosting the annual forum. The first was in 2013.