Malampaya turns over $1.1-B check to gov't


Posted at Feb 21 2013 01:55 PM | Updated as of Feb 21 2013 09:56 PM

MANILA, Philippines -A $1.1 billion check was handed over to the government by the Malampaya Joint Venture Partners on Thursday. 

The $1.1 billion check represents the government’s revenue from natural gas project's operations in 2012. Malampaya supplies 2,700 megawatts or up to 45% of Luzon’s power requirements.  

Finance Secretary Cesar V. Purisima received the symbolic check from the Malampaya Joint Venture Partners.

"Malampaya continues to benefit the country by providing much needed government revenue, and clean energy to power the lives of millions of Filipinos," Sebastian Quiniones, Shell Philippines Exploration BV (SPEX) managing director said in a statement. 

Quiniones presented the project’s next phases of development, which include the drilling of two additional production wells and the installation of a second platform to house additional compressors for depletion compression.

"We proceed with the project’s next phases of development with the same standards of excellence and commitment to safety that we have lived by all these years, as we know the generations of Filipinos who benefit from Malampaya deserve nothing less," he said. 

A joint undertaking between the Philippine government and the private sector, the gas project is spearheaded by the DOE, developed and operated by SPEX, in behalf of joint venture partners Chevron MalampayaLLC and the PNOC Exploration Corporation under Service Contract No. 38 (SC 38).

"Malampaya is a prime example of what we can do if we work together towards a shared vision... It is proof of what the Philippinesis capable of and a testament to the Filipino spirit. It has set the standard for future energy projects to aspire to," Energy Secretary Jericho Petilla said.