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...
Malampaya Energy XP Holdings (MEXP), a subsidiary company of Udenna Corporation of businessman Dennis Uy, does not hold any firm interest yet on the 45-percent operating stake in the country’s commercial gas field because its acquisition deal with Shell Philippines Exploration B.V. (SPEX) had not...
Billionaire Enrique K. Razon Jr. has tapped Sebastian C. Quiniones Jr., former managing director of Shell Philippines Exploration B.V. (SPEX), to become the general manager of his upstream oil and gas business under Prime Exploration Pte. Ltd. effective August 17 this year. Prime Exploration is the...
As issues are raised that businessman Dennis Uy cannot legally sell the 45 percent operating stake in the Malampaya project because its deal with Shell Philippines Exploration B.V. (SPEX) was never consummated, Energy Secretary Raphael Perpetuo M. Lotilla is taking a hands-off position and will let...
Prime Exploration Pte. Ltd., a subsidiary of Razon-led Prime Infrastructure Capital Inc. (Prime Infra), announced its acquisition from Udenna Corporation of businessman Dennis Uy the 45 percent operating stake in the depleting Malampaya gas field asset. In a statement to the media, Prime...
The Department of Energy (DOE) will prioritize the return-to-operation of the 1,200-megawatt Ilijan gas-fired power plant that is currently on shutdown because of fuel lack due to the depleting state of the Malampaya gas field. “We lost 1,200MW of Ilijan, which is powered by natural gas, so this...
Senator Sherwin Gatchalian on Thursday, July 14 filed a cyberlibel complaint against former Department of Energy (DOE) secretary Alfonso Cusi at the Valenzuela City Prosecutor’s Office. Sen. Sherwin Gatchalian files cyberlibel charges against former Energy Secretary Alfonso Cusi at the Valenzuela...
The depletion of the Malampaya gas field is becoming extremely visible, as its reported production for three quarters in 2021 significantly dipped to 79.054 billion cubic feet (bcf) almost half only of its 141.732 bcf level in 2020. Data from the Department of Energy (DOE) showed that 76.040 bcf of...
Outgoing Energy Secretary Alfonso G. Cusi has withdrawn the libel and cyber libel suits that he filed against seven media outlets in November last year relating to the controversies linked to the sale of the Malampaya deep water gas-to-power venture to businessman Dennis Uy. In a statement to the...
