Businessman Manuel Pangilinan will proceed with his plan to buy into the Malampaya geothermal gas field but sees the extension of its service contract, which will expire in 2024, necessary to bring in new money to develop near field reserves.
Whether or not the First Pacific group is successful in buying the 45-percent stake held by Shell Philippines Exploration B.V. (SPEx) in Malampaya—which fuels the power plants that account for almost 40 percent of Luzon’s power generation capacity—Pangilinan said the group would also pursue service contract (SC) 72, or the Recto Bank oil exploration project.
“If we are fortunate to get SC72 going, we would need the facilities of Malampaya …
Keep on reading: MVP to pursue bid for Malampaya gas field