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Manila Bulletin devider Business devider Trade & Industry devider Gov't expects lower Malampaya revenue share

Gov't expects lower Malampaya revenue share

In 2024

Published Aug 13, 2023 04:11 pm

At A Glance

  • The government's share of royalties from the Malampaya project is expected to decrease next year.<br>The projected royalties for 2024 are around P13.5 billion, which is a 33% decrease compared to this year's target.<br>The government's royalties from Malampaya have experienced fluctuations since 2014, with periods of both increasing and decreasing remittances.<br>The estimated royalties for 2023 are lower than the actual remittances of P25.9 billion received in 2022.<br>Over the past nine years, the Malampaya project has contributed a total of P182.18 billion to the government's funds.

The amount of money that the national government receives as its share from the Malampaya project is expected to further shrink next year, data from the Department of Budget and Management (DBM) revealed.

Based on the 2024 National Expenditure Program submitted by the DBM to Congress, the government will receive next year approximately P13.5 billion in royalties from Malampaya, a deep water gas-to-power project located in offshore Palawan.

These royalties, which are a portion of the project's revenue and calculated based on international crude oil prices, are projected to be 33 percent lower than this year's target of P20.23 billion.

The government's projected royalties from the Malampaya project in 2023 are also lower than the actual remittances of P25.9 billion in 2022.

DBM records revealed that the government's share of Malampaya’s revenues has experienced fluctuations since 2014, with some periods seeing an increase in royalty remittances while others have witnessed a decrease.

Over the past nine years, the Malampaya project has already remitted a total of P182.18 billion to the government's finances.

The Malampaya gas field is managed under a service contract awarded to a consortium consisting of Prime Energy Resources Development B.V., UC38LLC, and the Philippine National Oil Company-Exploration Corp.

The Malampaya project is a crucial power asset in the Philippines, providing natural gas for power plants that satisfy approximately 20 percent of the country's electricity needs.

The deep water gas-to-power project commenced operations in 2001, and the consortium's license for the project was originally scheduled to expire on Feb. 22, 2024.

Last May, President Ferdinand R. Marcos, Jr. signed an agreement to renew the service contract for the Malampaya gas field, extending it for another 15 years, or until Feb. 22, 2039.

President Marcos said the contract renewal aims to decrease the country's reliance on oil imports and secure a consistent supply of clean energy.

“We optimistically look forward to the continued production and utilization of the remaining reserves of the Malampaya gas field, as well as further exploration and development of its untapped potential,” President Marcos said.

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