By Danessa Rivera (The
Philippine Star) | Updated April 13, 2016 - 12:00am
MANILA, Philippines – Trans-Asia
Petroleum Corp., a subsidiary of Trans-Asia Oil and Development Corp., (to be
renamed Phinma Energy Corp.), is pursuing investments in the liquefied natural
gas (LNG) sector.
The company is venturing into the
LNG sector amid the need for new sources of fuel as the Malampaya deep water
gas-to-power project is nearing depletion, Trans-Asia Petroleum executive vice
president Raymundo Reyes said on the sidelines of the company’s stockholders’
meeting yesterday.
“This is a new direction the company
is pursuing. The depletion of gas reserves of Malampaya is approaching and
(lack of) discovery of indigenous gas of significant quantities, the country
will be dependent on imported gas for a significant portion of its energy
requirements,” he said.
Trans-Asia Petroleum is currently
undertaking a pre-feasibility study for a LNG receiving terminal in Sual,
Pangasinan.
The terminal would have an estimated
capacity of 0.5 million tons per annum, “enough to power a 500 megawatt (MW)
gas fired power plant,” Reyes said.
He said investments could amount to
at least $500 million for the terminal and the power plant.
“Once operational, the terminal can
supply gas as fuel for power generation, transport and domestic applications,
district cooling, and the gas will also be used for industries,” Reyes said.
Company presentations showed the
pre-feasibility study is expected to be completed by the end of the second
quarter while a final investment decision is targeted by year-end.
“The pre-feasibility study will be
completed in the middle of the year then we’ll proceed with the feasibility
study. Hopefully, while we’re doing the feasibility study, the new
administration will have a policy on the fuel energy mix,” Trans-Asia Petroleum
president and CEO Francisco Viray said in a separate interview.
The LNG terminal could be completed
as early as 2018, the company official said.
“We’re doing the 100-percent
development and then we’ll just find a partner depending on the outcome of the
project,” Viray said.
While the company will maintain its
interest in local petroleum service contracts, it is also actively seeking
upstream investment opportunities in the region, in particular those that
involve petroleum assets with existing production or are in the development
stage.
Currently, the group’s power
portfolio is about 500 MW. This includes the new 135-MW clean coal power plant
in Calaca, Batangas, a project with the Ayala Group; an integrated 20-MW
geothermal project in Sto. Tomas, Batangas with the Yuchengco Group and the
Philippine National Oil Co.; the 54-MW San Lorenzo wind farm in Guimaras
Island; and the expanded 30-MW geothermal plant under Maibarara Geothermal Inc.
(MGI).
It also owns Power Barges 101, 1012
and 103, which have a combined capacity of 96 MW.
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