Feb 09, 2006
PUERTO PRINCESA CITY, Feb 9 Asia Pulse – The Malampaya consortium has generated a whopping US$422.2 million in revenues from its 62 export shipments of Malampaya condensate since the start of its commercialization in 2002.
Ariston Sandoval, Bureau of Customs-Puerto Princesa City administration officer, disclosed that the Shell Philippines Exploration B. V. (SPEX) and joint venture partners Chevron Texaco Malampaya LLC and Philippine National Company-Exploration Corporation (PNOC-EC) generated such income from 739.802 condensate oil from 2002 to 2005 exportation.
The SPEX is the developer and operator of the US$4.5-billion Malampaya Deep Water Gas-to-Power project, considered the largest and most significant industrial investment in the history of the Philippines.
It heralds the birth of the country's natural gas industry through the supply of clean, environment-friendly fuel slated to provide 2,700 megawatts of power to Luzon for a period of 20 years starting January 2002.
This meets 30 percent of Luzon's power generation requirements.
Malampaya paves the way for high economic benefits for the country, providing a considerable long-term revenue stream of approximately US$8-10 to the government over the life of the project.
Sandoval said the BoC, together with Bureau of Immigration and Deportation (BID) and Health and Quarantine personnel who personally inspected before shipments, got the figures.
Their group boarded tanker which retrieves through the Catenary Anchored Leg Mooring (CALM) bouy, a component through which condensate is retrieved, he added.
The condensate products were shipped to Singapore, Korea, Japan, Vietnam, China and Thailand, he said.
Meanwhile, Sandoval said the dried gas is being transported via a 504-kilometer subsea pipeline to the onshore gas plant in Batangas.
The onshore gas plant at Tabangao, Batangas is the concluding stage of the process for Malampaya's dry gas before it is delivered to the power plants.
Asia Pulse: PHILS MALAMPAYA GENERATES $422 MLN FROM CONDENSATE EXPORT
Feb 09, 2006