Excelerate Energy LP, The Woodlands, Tex. will seek necessary permits and raise financing to develop a floating LNG import terminal in the Bay of Batangas after having received the notice to proceed from the Philippine Department of Energy Sept. 20.
Luzon LNG will supply natural gas, sourced from LNG, to existing and new gas-fired power plants in the region that provide electricity to Luzon including the area of Metro Manila. The gas supply will augment existing gas production from Malampaya fields as their reserves begin to deplete.
The proposed project will lie offshore Batangas to minimize impact on existing shipping traffic and will utilize technology designed to perform in extreme weather conditions proven at Excelerate’s Gulf of Mexico, North Atlantic, Israel, and the Bay of Bengal operations.
Excelerate will develop, design, permit, construct, finance, and operate the terminal.
