PRIME ENERGY Resources Development B.V. exceeded its target gas output in the second quarter, the gas exploration and development company announced on Tuesday.
In the second quarter, the company recorded its gas sales at 280 million standard cubic feet per day (MMSCFD), up by 2.2% against its initial target of about 274 MMSCFD.
“We intend to maintain a reliable supply of indigenous gas to our customers while we continue the hard work of exploring for new sources to address the natural decline of the Malampaya gas field,” Donnabel Kuizon Cruz, general manager of Prime Energy, said in a media release.
Prime Energy, a subsidiary of Prime Infrastructure Capital, Inc., is a member of a consortium that operates the Malampaya gas field. The other members are UC38 LLC and PNOC Exploration Corp., which own a 45% and 10% interest, respectively.
The Malampaya gas field is considered vital to the country’s energy sector because it supplies about 20% of Luzon’s electricity requirements.
“We remain committed to being the partner of choice in providing energy sufficiency and security to the country,” Ms. Cruz said.
To date, Malampaya is fully contracted to the four power plants of First Gen Corp., to which it supplies a combined capacity of 2,011 megawatts.
Service Contract 38, which covers the Malampaya gas field, was renewed until 2039, paving the way for the further development of indigenous energy sources.
Under the renewal agreement, the consortium has committed to drill at least two wells and to further explore and develop the fields within its service contract, which is also expected to yield about 210 billion cubic feet of additional reserves. — Ashley Erika O. Jose
