Enrique Razon’s Prime Infrastructure Capital’s subsidiary, Prime Energy Resources Development B.V., is bracing for new developments in the Malampaya gas-to-power project, specifically the drilling of at least two deepwater wells, valued at $600 million.
In a report by the Philippine Star, the Malampaya Phase 4 project, slated to commence in 2025, aims to demonstrate the commercial viability of gas reserves. If successful, essential pipelines will be installed and integrated into the current Malampaya production facilities.
However, managing director of Prime Energy, Donnabel Kuizon Cruz, explained that the Malampaya Phase 4 project would demand an investment surpassing $600 million. The projections for 2024 indicated a planned investment of $187 million.
This budget was set aside for pipeline purchases, subsea equipment, and umbilicals, drilling rig acquisition, and pipeline maintenance.
The company and its partners are currently seeking the Department of Energy’s (DOE) support to guarantee a market for the upcoming gas volumes.
Additionally, they also aimed to ask the department for their support to streamline the permits and requirements mandated by government agencies to prevent any delays in the project and avoid exceeding the budget.
