The Udenna Corporation of Davao businessman Dennis A. Uy strongly denied accusations that the company took out cash from the Malampaya revenues, which in turn, was allegedly used to pay for its acquisition of the 45 percent shareholdings of US firm Chevron Corporation in the Philippine gas field...
The profitability of Lopez-led First Gen Corporation has improved by 11 percent to P10.3 billion ($212 million) in nine months this year from P9.9 billion ($196 million) within the same period in 2020. The company said it “benefited from higher electricity sales,” and among its income driver is...
Dennis Uy breaks silence; claims US$191-M capitalization in Malampaya buy By Myrna M. Velasco Davao businessman Dennis A. Uy finally broke his silence to refute allegations of "negative working capital" as he claimed that his Udenna subsidiaries have $191 million capitalization, not $100 million,...
Customers of Manila Electric Company (Meralco) will need to shell out higher budget for their electric bills this month as the utility firm’s residential rate had gone up by P0.3256 per kilowatt hour (kWh) to P9.4630 per kWh from P9.1374 per kWh. According to Meralco, for residential consumers in...
A senior administration congressman on Sunday, November 7, called on reelectionist senators not to subject to “political grandstanding” the controversy relating to the decision of Shell Petroleum N.V. to sell its 45 percent operating stake in the service contract that includes the offshore...
The volume of gas that can be supplied by the Malampaya field will drop to 1,000 megawatts of equivalent power capacity in 2024, which is also the timeframe for the expiration of the project’s Service Contract (SC) 38, if no license extension is extended by the government. According to Atty...
Gas will not flow yet from the Malampaya field, as the facility’s preventive maintenance shutdown has been extended for additional three days because of delayed repair works at its onshore platform’s flare tip. As sounded off by Manila Electric Company (Meralco), the naturally occurring...
The Department of Energy (DOE) affirmed yesterday that ‘gas production decline’ at the Malampaya field will persist next year and until the project’s end of service contract in 2024. Energy Secretary Alfonso G. Cusi specified that gas restriction had been lingering from January 2020 to...
The Unit 2 of the 97-megawatt Avion power generating facility of Prime Meridian Powergen Corporation (PMPC) is now back on commercial operation, its parent firm First Gen Corporation has announced. In a disclosure to the Philippine Stock Exchange (PSE), the Lopez firm indicated that the plant was...
‘Red flag’ is being raised anew by Senate Committee on Energy Chairman Sherwin T. Gatchalian on the financial capacity of cash-strapped Udenna Corporation to acquire the 45 percent stake of Shell Philippines Exploration B.V. (SPEX) in the multi-billion Malampaya gas-to-power venture. The...
Power utility giant Manila Electric Company (Meralco) is planning to undertake competitive selection process (CSP) for a power supply agreement (PSA) that will replace the capacity of First Gen Corporation if its electricity generation will be continuously crippled by Malampaya gas field’s output...
The liquefied natural gas (LNG) import facility of Atlantic, Gulf and Pacific Company Inc. (AG&P) will supply the fuel needs for electricity generation of the 1,200-megawatt Ilijan gas-fired power facility starting next year, according to the Department of Energy’s (DOE) Oil Industry...
