The Department of Energy (DOE) is aiming for a “no rate hike” scenario that will result from the two-week shutdown of the Malampaya gas production facility this February.
The Department of Energy is aiming for a “no rate hike” scenario that will result from the two-week shutdown of the Malampaya gas production facility this February.
Energy Undersecretary Rowena Cristina L. Guevara said the ‘no rate hike’ circumstance “is the best case scenario…when we do not have to run other plants,” qualifying that since the shutdown will be happening in February, this will still fall on a low-consumption period. Guevara stated that this year’s Malampaya maintenance shutdown comes off around different conditions compared to the last repair activities carried out in October 2021– inferring that demand on those 20-day period two years ago had been higher compared to the cooler weather this February.
Within January to February 2017, global oil prices had just been hovering above $50 per barrel; while present-day prices top $80 per barrel – as anchored on Dubai crude prices, which is also the linkage being enforced for the Malampaya gas.
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