Published May 8, 2021, 5:00 PM
The Department of Energy and state-run Philippine National Oil Company-Exploration Corporation (PNOC-EC) have collaboratively called for greater inflow of investments in the country’s upstream petroleum sector if the Philippines would really have to cement its energy security pathway.
Nevertheless, for this goal to really advance, both government entities sounded off the need for resolution of legal challenges hamstringing investments in the sector – and that shall include a definitive decision on a pending case at the Supreme Court relating to the legal question raised by the Commission on Audit (CoA) on the income tax treatment of the royalty share of the contractor in the Malampaya gas field project.
By TED CORDERO, GMA News
Published May 7, 2021 12:30am
The Department of Energy (DOE) and the Philippine National Oil Company-Exploration Corporation (PNOC-EC) are urging the country’s judiciary to push for the expansion of indigenous energy explorations. The Department of Energy (DOE) and the Philippine National Oil Company-Exploration Corporation (PNOC-EC) are urging the country’s judiciary to push for the expansion of indigenous energy explorations to secure the country’s future energy supply. This, as the Malampaya Deepwater Gas-to-Power Project sees the continued natural decline of gas reservoir pressure and experts warn of an impending energy crisis, according to the DOE and PNOC-EC.
The Duterte administration is now on its last year stretch, but the government still cannot give a definitive timeframe on when the decision on the propounded license extension of the Malampaya project will be laid down.
“We don’t have final decision yet of the DOE (Department of Energy) and we’r
DoE backs Palace position on disputed waters bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.
Published April 14, 2021, 5:00 PM
Following government’s approval of its 45-percent stake acquisition in the multi-billion Malampaya project, Udenna Corporation conveyed that it absorbed the technical team and core of experts from previous interest-holder Chevron Corporation so it can seamlessly help in the continuous operation of the gas producing field.
Udenna Corporation Chairman Dennis A. Uy stated that as a parallel development after his other firm UC 38 LLC formally received the approval of the Department of Energy (DOE) on its merger and acquisition (M&A) deal with Chevron for the latter’s unloaded 45-percent interest in Malampaya.
Dennis Uy
“UC38 continues to be led by the highly qualified team who were previously with Chevron and provide us with upstream technical, operational and commercial expertise based on global industry best practices,” Uy said.