CNOOC Gas and Power of China and Phoenix Petroleum Philippines have suspended their plans to invest US$2bn in the Tanglawan LNG import hub project in the Philippines. The project was expected to be composed of a 2.2 Mt/year (3 bcm/year) LNG regasification terminal due to be commissioned by 2023 and would also have accomodated a 2,000 MW gas-fired power project developed by Phoenix. Phoenix has decided to reassess its gas venture and to submit a new concept for the project to the Department of Energy, after its parent company Udenna Corp signed an agreement to acquire a 45% stake in the Malampaya gas consortium from Chevron in November 2019.
The Malampaya gas field in the South China Sea is also owned by Shell (45%) and state-owned Philippines National Oil Company (PNOC) (10%). It supplies gas to more than 3,000 MW of gas-fired power plants in the Philippines. The field is expected to be depleted within the next decade and the service contract covering the project will expire in 2024. However, partners are seeking to further develop it and have requested a contract extension.
Many LNG import terminals have been proposed to offset the planned depletion of the Malampaya gas field. Energy World Corp (EWC) is working on an LNG import terminal in Pagbilao, while First Gen and Tokyo Gas are considering developing an LNG import terminal.
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