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Asia Pulse: Malampaya consortium gains US$ 122M from condensate export in 2006

The Philippines News agency
Published: Jan 16, 2007

PUERTO PRINCESA CITY, Jan. 14 (PNA) – The Malampaya consortium has gained US$ 122,030,987 out its 16 export shipments of oil condensate extracted from the said gas project in 2006, according to the Bureau of Customs (BoC) sub-port of Puerto Princesa export statistics on Malampaya condensate obtained by the Philippines News Agency.

Ariston Sandoval, BoC-Puerto Princesa City administrative officer, disclosed the Malampaya consortium composed of Shell Exploration B.V., Chevron Texaco and the Philippine National Oil Company formed the US$ 4.5-billion Malampaya Deep Water Gas-to-Power project generated US$ 122,030,987 revenues from the same period.

A total of 584,660 metric tons of condensate were shipped out to Thailand, Singapore, China and Taiwan in the same period, Sandoval also revealed.

The Malampaya gas project, considered as the largest and most significant industrial investment in the history of the Philippines, is expected to produce 85 million barrels of condensate. Since the start of its commercialization in 2002, the consortium made an income of US$ 544,314,817 from condensate oil exportation.

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