Razon-led Prime Energy Resources Development B.V. has inked a supply agreement with Abu Dhabi National Oil Company Global Trading (AGT) for the procurement of condensate from the Malampaya gas field.

AGT is a collaboration between Abu Dhabi National Oil Company (ADNOC), Eni S.p.A., an Italian energy company, and the Republic of Austria.

The supply agreement, effective from March 1, 2023, to February 23, 2024, establishes Prime Energy as a petroleum company with industry-leading expertise that meets global standards.

In a report by the Philippine Star, Prime Energy managing director, and general manager Donnabel Cruz stated that the agreement with AGT marks the company’s entry into the global petroleum industry.

She also emphasized that Prime Energy and AGT are aligned in their mission to harness natural resources and contribute to the transformation of the world by establishing a dependable infrastructure.

Prime Energy serves as the operator of the Malampaya deepwater gas-to-power project located in Palawan. 

Together with UC38 LLC from the Udenna Group and Philippine National Oil Co-Exploration Corporation, Prime Energy forms part of the Service Contract 38 consortium.

The consortium has set a target investment of $600 million to explore and harness the remaining gas reserves in the Malampaya gas field.

President Ferdinand Marcos Jr. has signed the 15-year renewal agreement for the Malampaya Service Contract No. 38 (SC 38), allowing continued production in the Malampaya gas field to ensure that the remaining gas reserves are further explored and utilized. 

The Malampaya project plays a crucial role as one of the country’s significant power assets, supplying natural gas that meets approximately 20% of Luzon’s total electricity needs.