Philippines invests $9.8 billion in natural gas development
The Philippine government recently announced that it planned to invest P502 billion ($9.8 billion) in the next two decades to secure up to 4.0 trillion cubic feet (TCF) of new natural gas reserves. As the Malampaya field is expected to deplete in 2027, Philippines is trying to find alternative natural gas resources. Production in the Malampaya field started in 2001 and the reserves were estimated at about 3.4 TCF. Shipments from the Malampaya field are said to be equivalent to 20% of the demand in the Philippines as of now. The Philippine government holds 10% equity of the Malampaya field through PNOC, a stated-owned company. The gas field is managed by Udenna Group, which is run by Mr. Dennis Uy. Udenna Group announced that the Malampaya field can continue full commercial operations even after 2027.