MANILA - Prime Infra said on Tuesday it has formed an advisory council for the development programs of its subsidiary Prime Energy which has a 45 percent operating stake in the Malampaya gas project.
The Enrique Razon-led firm said the advisory council will provide technical expertise and assist Prime Energy's management team as well as serve as a sounding board for engaging with authorities.
It said the advisory council includes former Pilipinas Shell president Cesar Buenaventura, Prime Metro Power Director Jose Ibazeta, and former PNOC-Exploration Company president anD CEO Rufino Bomasang.
“The new advisory council initiated by Prime Energy for the Malampaya project will serve the purpose of providing strategic advice and technical guidance to support me and the Board in this critical time when the company’s exploration and development programs are about to commence to prolong the gas supply, which is becoming increasingly scarce," said Prime Energy General Manager Sebastian Quiniones.
Prime Energy said it is "well equipped" to plan and execute viable projects to extract more gas from reservoirs in the Service Contract 38 area covering Malampaya due to its technical experts and specialist contractors.
Urgent action is needed to address the depleting gas supply in Malampaya, the company said.
Prime Infra President and CEO Guillaume Lucci earlier said they are eyeing to secure a license for the extension of the Malampaya project which is set to expire in 2024.
Malampaya powers up to 20 percent of Luzon's total electricity requirements.