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Manila Bulletin devider Feature devider Enrique Razon, chairman of Prime Infrastructure Capital Inc.

Enrique Razon, chairman of Prime Infrastructure Capital Inc.

Took the spotlight when his company Prime Energy Resources Development acquired from Shell Philippines Exploration

Published Feb 2, 2024 10:52 am

Billionaire Enrique Razon took the spotlight when his company Prime Energy Resources Development acquired from Shell Philippines Exploration B.V, (Spex) in November 2023 the 45 percent operating stake in the Malampaya gas field, a very vital indigenous resource that could bring that could bring country's quest for energy independence notches higher.
 

Enrique Razon
Enrique Razon, chairman of Prime Infrastructure Capital Inc.


Following that acquisition, Prime Energy also clinched 15-year extension (2024-2039) for Malampaya’s Service Contract 38 that was signed by President Marcos in May this year and that was anchored on the terms of Presidential Decree 87 or the Oil and Gas Law that fleshes out the royalty sharing arrangement as well as the other development terms for that gigantic upstream venture.

Onward, Prime Energy is lining up more than $ 600 million worth of investments for a new wave seismic survey and and well drilling activities to prove if additional gas can still be extracted from the Malampaya field. 

The company’s all-Filipino team is out to prove to the world that the country’s workforce can also etch their mark on the sphere of engineering ingenuity.

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