DoE to decide on CNOOC-Phoenix Petroleum LNG bid

Date Published (mm/dd/yyyy): 
12/05/2018

THE Department of Energy (DoE) is set to decide next week on the proposal of China National Offshore Oil Corp. (CNOOC) and Phoenix Petroleum Philippines Inc. to build a liquefied natural gas (LNG) facility in the country.

 

“Hopefully, toward the weekend I will have the report on my table and we will be able to make the decision next week,” Energy Secretary Alfonso Cusi said on Tuesday.

 

The proposal is in the final stages of evaluation by the department’s Centralized Review and Evaluation Committee.

 

“[W]e want to make sure that the decision [would be] the correct one,” Cusi told reporters at the sidelines of the Energy Investment Forum in Bonifacio Global City, Taguig City.

 

His remarks come after Energy Undersecretary Donato Marcos said in November the department was reviewing the proposal, and after CNOOC and Phoenix Petroleum signed in June an agreement to study, plan and develop the LNG facility.

 

The DoE has been pushing for the construction of such a facility, as resources from the Malampaya facility is expected to be depleted by 2024.

The Malampaya Deepwater-Gas-to-Power project, the country’s primary source of natural gas, has a total generating capacity of 2,700 megawatts (MW). It currently supplies fuel to five natural gas plants with a total installed capacity of 3,211 MW.

If built, the LNG hub would help make the country an LNG trading and transshipment hub in the Asia-Pacific region.

 

Founded in 1982, CNOOC is the largest offshore oil and gas company in China. It is also one of the largest independent oil and gas exploration and production companies worldwide.

 

Phoenix Petroleum is into trading and marketing refined petroleum products, including liquefied petroleum gas and lubricants; operating oil depots and storage facilities; hauling; and into-plane services.

Reference:

Lagare, J. B. (December 5, 2018). DoE to decide on CNOOC-Phoenix Petroleum LNG bid. Manila Times. Retrieved from https://www.manilatimes.net/doe-to-decide-on-cnooc-phoenix-petroleum-lng-bid/477955/