Prime Energy emphasized that accelerating the development of indigenous resources is key to addressing the energy challenges of sustainability, security, and affordability while presenting natural gas as more than a mere transition fuel but as a transformative resource.
In a report by Manila Standard, Prime Energy President and CEO Donnabel Kuizon Cruz said that while renewable energy (RE) is vital to the Philippines’ future, natural gas is necessary to bridge the gap to a low-carbon economy, providing reliability and stable pricing.
Cruz added that she shares the same sentiments as the Department of Energy (DOE) regarding executing a steady Philippine Energy Plan where RE and natural gas can co-exist and grow alongside each other.
She noted that the substantial increase in renewable capacity planned for the next 20 years will require natural gas to fuel mid-merit baseload power plants, ensuring a stable energy supply and controlling electricity costs.
The Prime Energy CEO emphasized that “indigenous gas is the solution” to reducing reliance on global markets, citing its price stability as a buffer against imported fuel cost fluctuations.
Indigenous gas also generates revenue for the government, with the Malampaya consortium having contributed USD 13.8 billion to state funds to support energy projects.
As a wholly owned subsidiary of Razon-led Prime Infra, Prime Energy operates the Malampaya gas field, the country’s only indigenous gas source.
Cruz shared that Prime Energy is working to ensure a future where “no one is left behind—by high electricity costs, brownouts, or environmental threats from droughts and floods.”
With Service Contract 38 (SC38) renewed, the Malampaya project aims to extend its operations with “Project Sinagtala,” or Malampaya Phase 4.
Malampaya operates as a national government project under the DOE, managed by Prime Energy alongside joint venture partners UC38 LLC, PNOC Exploration Corporation, and Prime Oil and Gas Inc.
There are no comments
Add yours