Connect with us

Hi, what are you looking for?

Economy

Malampaya depletion expected by 1st quarter of 2027

THE remaining reserves in the Malampaya gas field will be completely depleted by the first quarter of 2027, a senator said Tuesday, citing estimates from the Department of Energy (DoE).

“The Malampaya service contract is set to expire in 2024. Even if the service contract is extended, the DoE projects that the estimated 858,834 million standard cubic feet remaining in the Malampaya field as of Sept. 30, 2020 would be completely exhausted by the first quarter of 2027,” Sen. Sherwin T. Gatchalian said in a speech sponsoring a bill regulating the development of the midstream natural gas industry on Tuesday.

Mr. Gatchalian chairs the senate committee on energy.

The Philippines “could be facing a major energy crisis in less than six years” unless it can find alternative sources for natural gas, and will have little choice but to import, Mr. Gatchalian added.

Located off the coast of Palawan, Malampaya is the country’s sole natural gas field.

In his speech Tuesday in support of the proposed Senate Bill (SB) No. 2203 or the proposed Midstream Natural Gas Industry Development Act, Mr. Gatchalian said energy security “largely depends” on the available supply of natural gas, noting that more than a quarter of Luzon is powered by the fuel.

“Natural gas plants generated 56% of the 2.5-billion-kilowatt-hours purchased by Meralco (Manila Electric Co.) in April 2021, making natural gas the single most impactful electric power source for Metro Manila,” he said.

He said natural gas should complement variable renewable energy sources, as outlined in the National Renewable Energy Plan’s (NREP) latest draft covering 2021 to 2040.

In February, former Chairperson of the National Renewable Energy Board Monalisa C. Dimalanta said that the draft NREP is looking at increasing the share of renewable energy (RE) in the power mix “with higher flexibility in the system coming from natural gas plants all the way to 2030, with a slight decline by 2040.”

The draft NREP has an RE targets of 37.3% by 2030, and 55.8% by 2040.

On Tuesday, Mr. Gatchalian raised SB 2203 to the plenary. — Angelica Y. Yang

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

The goal for most businesses is to grow, so the concept of bad growth may seem counterintuitive to a lot of business owners. However,...

Investing

Employees of all companies will be able to request flexible working arrangements when they start new jobs under proposals to be published by ministers....

Investing

Our perspectives on remote working have changed dramatically over the course of the pandemic. No doubt many employers in 2019 would have assumed that...

Economy

The Bangko Sentral ng Pilipinas (BSP) lowered the country’s balance of payments (BoP) surplus projection for this year, reflecting the lower current account surplus and the risks...

Economy

The Securities and Exchange Commission (SEC) is encouraging more companies to tap the capital markets, in hopes that there would be over 800 companies listed at...

Economy

Outsourcing firms operating in economic zones are allowed to implement remote work arrangements until March 2022 as the pandemic continues, the Finance department said...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!