By Myrna M. Velasco – August 17, 2019, 10:00 PM
from Manila Bulletin
The Department of Energy (DOE) has extended for six months the notice-to-proceed (NTP) or the license of the proposed US$2.0 billion liquefied natural gas (LNG) ventures of businessman Dennis Uy and partner China National Offshore Oil Corporation (CNOOC) – to be executed via their corporate vehicle Tanglawan Philippine LNG Inc.
According to DOE Undersecretary Donato D. Marcos, the NTP extension was granted last month and may stretch until January next year – basically the reckoning date is based on when the issued extension was formally issued to the project-proponent.
The energy official qualified that application for NTP extension is warranted under the Philippine Natural Gas Industry Regulation that was previously issued by the energy department.
“It will be for another six months,” Marcos has emphasized; and that timeline may expire by January next year.
In the blueprint of projects submitted by Tanglawan to the DOE, it is targeting to put up 2.3 million tons per annum of LNG import terminal that shall reach commercial operation by end-2023.
That installation will likewise be integrated with a power plant project having capacity ranging from 800 to 1,000 megawatts.
For the targeted ventures, the project funding crunched by the joint venture of Phoenix Petroleum Philippines Inc. and CNOOC will be at aggregate US$2.0 billion.
In an earlier disclosure, Phoenix Petroleum indicated that groundbreaking rites for the planned LNG facilities will be by year-end at its propounded project site in Batangas.
Marcos said the Phoenix-CNOOC joint venture will not just establish their own power plant, but they will also be securing their own market for the generated electricity of their facility.
The Tanglawan LNG import terminal is one of the three ventures granted with NTP by the energy department- chiefly targeting the installation of an onshore import LNG facility that will potentially replace the Malampaya field when its production already declines or ceases.