Tanglawan Philippine LNG, the joint venture (JV) including China National Offshore Oil Corp (CNOOC) and the fuel retailer Phoenix Petroleum Philippines has received governmental approval to build a new US$2bn LNG import and regasification terminal in Batangas (Philippines).
Batangas LNG will have an operational capacity of 2.2 Mt/year (2.97 bcm/year) and commercial operations are scheduled to start by 2023. The construction of a 2,000 MW gas-fired power plant along the terminal is planned as part of the integrated project. Investments are set to reach US$686m for the terminal and US$1.3bn for the power plant. Once built, the terminal may become an important LNG trade hub in the region. It is expected to meet the gas needs of the gas-fired power plants in the Batangas province, as domestic supply from the Malampaya gas field in northern Palawan will cease production by 2024.
The CNOOC - Phoenix Petroleum consortium was competing with the state-held oil and gas firm Philippines National Oil Company (PNOC) and First Gen Corp, a domestic power generation company that owns several gas-fired power plants, in partnership with Tokyo Gas. These companies may be allowed to develop their own LNG import terminals, depending on the viability of their proposals.
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