Razon-led Prime Energy Resources Development B.V. expressed support for the enactment of the proposed Natural Gas Industry Development Act, as it will put in place a regulatory framework that protects the interest of consumers and investors.
“I’d like to convey our full support to this and we believe it is very timely and relevant. We have to continue exploring for new gas and we will need LNG [liquefied natural gas] to fill in the gap.
Cruz said the proposed measure would help keep the drilling of new gas wells on track. At the same time, it would also protect consumer rights by encouraging transparency and competition in the gas industry. “We can’t pinpoint the exact year or date because it depends on how we plan our production, it depends on what the public needs. It’s really an open-ended process. While it is true it’s going down, at the moment 280 million standard cubic feet per day, we project that it will continue to go down until we are able to drill a new well and hopefully get gas from it.
“After more than 20 years, production from Malampaya is dwindling and, therefore, there is an urgent need for us now to explore and develop a more indigenous gas sources. We are embarking on projects to do that but we will need time to do that,” said Cruz.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Energy firm backs proposed law on development of natural gasThe passage into law of the proposed Natural Gas Industry Development Act would keep the drilling of new gas wells on track, Prime Energy Resources Development B.V., operator of the Malampaya Deepwater Gas to Power project, said in a statement issued on Monday, Aug. 14.
Read more »
Malampaya operator backs push for law to develop PH gas industryPRIME Energy Resources Development B.V., operator of the Malampaya Deepwater Gas to Power project, has expressed support for Senate Bill 152, which seeks to create a legal and regulatory framework for the development of the Philippines’ gas industry.
Read more »
Razon-led Malampaya operator backs measure on gas industry dev’t regulationRazon-led Prime Energy Resources Development B.V., operator of the Malampaya gas-to-power field, supports the passage of a measure seeking to create a legal and regulatory framework for the development of the country’s gas industry.
Read more »
Pasig LGU reorganizes social welfare development officeThe Pasig City government has approved a new ordinance that intends to rearrange the internal organizational structure and staffing pattern of the City Social Welfare and Development Office (CSWDO).
Read more »
Development banker takes on philanthropy fund managementAhmed Saeed was in the middle of his recently completed almost five-year stint at the Asian Development Bank (ADB) when, in November 2021, he anchored the global launch in Scotland of a
Read more »
Robin Padilla wants development projects for Pag-asa Island residentsSenator Robin Padilla said there was a need for development projects for residents of Pag-asa Island in the West Philippine Sea so they would be encouraged to stay on the island.
Read more »