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. If the agency’s calculations will turn out accurate, that will be a "historic first" in such activity in the power system’s...
The roughly 7.5 million customers being served by power utility giant Manila Electric Company (Meralco) will have to brace for P0.7897 per kilowatt hour (kWh) hike in electricity rates as a result of the two-week scheduled shutdown of the Malampaya gas production platform next month. The increase...
Razon-led Prime Infrastructure Capital Inc. has named Martin O’Neil as a new addition into the company’s board of directors. O’Neil was a former executive vice president and chief financial officer (CFO) of International Container Terminal Services Inc. (ICTSI), a flagship company of the...
The Department of Energy (DOE) indicated it is winding up its discussion with the consortium-members of Service Contract (SC) 38 for the targeted license extension of the Malampaya deep water gas-to-power project that will lapse February next year. “At the moment, we are still finalizing the...
Razon-led Prime Energy, operator of the depleting Malampaya gas field, said all contingency measures have been prepared during the facility’s two-week maintenance shutdown on February 4-18 this year. In a statement, Prime Energy General Manager Sebastian Quiniones explained that the scheduled...
Prime Energy, a subsidiary of the Razon Group’s Prime Infrastructure Capital Inc., has convened an advisory council composed of technical experts and key industry leaders for the exploration and development of the Malampaya gas field. In a statement, Prime Infra said the advisory council will...
The Department of Energy (DOE) has lined up contingency measures to stem probable power service interruptions during the two-week maintenance shutdown of the Malampaya gas production facility in Feb. 4 to 18, 2023. Primary step pushed by the energy department is the designation of a “must-run...
With highly anticipated license extension to be granted by the government, Energy Secretary Raphael P. M. Lotilla visited last week the Malampaya gas production platform to assess its condition and check its viability for stretched life cycle of gas production. The 25-year Service Contract (SC) 38...
Surigao del Sur 2nd district Rep. Johnny Pimentel has identified a potential fund source for the Maharlika Wealth Fund (MWF) that's literally under the sea. (Tom Barrett/ Unsplash According to Pimentel, all future national government royalties from forthcoming offshore natural gas projects in the...
The Chamber of Commerce of the Philippine Islands (The Chamber) has recommended an in-depth analysis and evaluation of what it called as similar sovereign wealth funds (SWFs) existing in the country to help in coming up with a decision on the proposed Maharlika Wealth Fund (MWF). In a statement,...
Razon firm to drill 3 new wells in Malampaya By MYRNA M. VELASCO Razon-led Prime Infrastructure Capital Inc. is scheduling the drilling of at least three wells to extend the production life cycle of the Malampaya gas field, once the project’s application for license extension is approved by the...
Lopez-led First Gen Corporation net income declined by eight percent to $194 million in three quarters this year from the year-ago level of $211 million. But due to the depreciation of the Philippine peso versus the US dollar, the company was able to register flat earnings at P10.2 billion during...
