Philippines ties energy policy to Malampaya gas prices

As the Philippines inaugurated its first commercial natural gas field last week, President Gloria Marcapagal-Arroyo unveiled an energy strategy centered on natural gas.She said the plan will largely depend on new price negotiations with producers. Shell Philippines Exploration BV (SPX) operates the $2 billion Malampaya deepwater project, which started up earlier this month (OGJ, Oct. 15, 2001, Newsletter, p. 8).The field is 50 km northwest of Palawan Island and 600 km southwest of Manila. Discovered in 1992, it has reserves of more than 3 tcf of gas and 120 million bbl of condensate.Malampaya gas ultimately will fuel three onshore power plants. Its operation will cut 52% from the nation&#...

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