PRIME INFRASTRUCTURE Capital, Inc. is looking at additional gas fields within its exploration service contract with the government to possibly supply the needs of power plants, its top official said.
Prime Infra President and Chief Executive Guillaume Lucci in a media briefing on Thursday that the company had taken over the Malampaya gas-to-power project on Nov. 1 and that it had submitted a work program to the Department of Energy for a license extension.
He said Malampaya’s untapped potential is a combination of extracting within the same field as well as looking at additional fields within the service contract. Prime Infra, through its subsidiary, is the operator of SC 38 covering the Malampaya gas field, which supplies 20% of the country’s power requirements and 27% of the Luzon grid. The gas field’s supply is expected to be depleted by 2027.
Prime Infra earlier announced that it was seeking the extension of SC 38, which is set to expire by 2024. Mr. Lucci did not disclose details of the company’s next action for its license extension.Mr. Lucci said that Prime Infra is also targeting to spend up to P55 billion on energy, water, waste management, and other projects. He said that the firm is well-positioned to build projects that support the country’s “urgent needs.
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