DoE: LNG industry ripe for investment

March 24, 2021 02:30 AM
https://tribune.net.ph/index.php/2021/03/24/doe-lng-industry-ripe-for-investment/

Assistant Secretary Leonido J. Pulido III reiterated the government’s call on investors to “take a look at the many LNG investment opportunities” in the country.

Pulido told over 200 leading industry executives and experts that the country is fast tracking the development of the LNG industry and it is now “ripe for investment.”

He underscored that additional investments help expand LNG and clean energy industries.

According to Pulido, natural gas currently provides for 3,200 megawatts of electricity and accounts for 21.1 percent in the 2019 Gross Generation of the country.

Adding that in Luzon alone, the contribution of natural gas last year was at 29.3 percent.

“With Malampaya’s depletion estimated to occur in the next few years, there is an urgent need to attract more investments in the downstream LNG industry,” Pulido said.

Relatedly, the Department of Energy (DoE) has also approved the permits of five proposed LNG Regasification Terminal Projects targeted for operation from 2022 to 2025.

These include three proponents, namely Excelerate Energy L.P., Batangas Clean Energy Inc. and Atlantic Gulf & Pacific Company of Manila Inc.

which were issued with a Notice to Proceed (NTP); and two proponents, namely FGEN LNG Corporation and Energy World Gas Operations Philippines Inc. both issued with Permit to Construct.

“The timely implementation of these proposed LNG projects shall facilitate for the entry of LNG in the country,” he said.

“We will also be attaining energy security for natural gas not only for power generation requirements, but also for other potential applications of natural gas in industrial, commercial, residential and transport sectors,” he added.

Under the updated Philippine Energy Plan, the DoE envisions a future that will dominantly lean on renewable energy — a shift from fossil fuel power plant developments in the past decades.