‘Prime Energy going all-in on Philippines gas exploration’

MANILA, Philippines — Prime Energy Resources Development B.V. is not hitting the brakes on its gas investments, reaffirming a commitment to boosting the country’s indigenous power production.

“We are definitely going all-in to generate more indigenous energy,” Prime Energy president and CEO Donnabel Kuizon Cruz said at a recent energy forum.

Cruz highlighted the role of gas-fired power plants as a bridge fuel that facilitates the shift away from coal, while supporting the growing integration of renewable energy sources.

“In this era of energy transition, where risks are real and opportunities are emerging across a shifting power map, our task is clear: to make our very own Filipino gas a bridge that unifies the industry and serves as a force for good for Filipinos,” Cruz said.

Prime Energy is the operator of the Malampaya deep water gas-to-power project, the country’s first and only indigenous gas field in offshore Palawan.

The company, along with its consortium partners Prime Oil & Gas Inc., UC38 LLC and PNOC Exploration Corp., has set aside $893 million to extend the Malampaya field’s production life.

The Malampaya Phase 4 (MP4) project, one of the country’s largest upstream energy investments in over a decade, involves drilling two new deepwater wells and a new exploration field in a bid to deliver a new gas supply next year.

“Through the collective efforts of brave Filipinos, the runway has been set for a new era of exploration in the Philippines. MP4, the first project of an all-Filipino-led consortium, is the first step,” Cruz said.

Beyond strengthening the country’s power supply, Cruz said the Malampaya field has emerged as a key revenue generator for the government.

Since 2001, the Malampaya project has generated around $13.9 billion in revenues for the government, according to Prime Energy.