State-held oil and gas company Philippines National Oil Company (PNOC) is competing with one consortium of China National Offshore Oil Corp (CNOOC) and Phoenix Petroleum Philippines for the development of the country's first LNG import and regasification terminal in the Batangas Bay. A third proponent is also in the race and includes First Gen Corp, a domestic power generation company which owns several gas-fired power plants.
PNOC is currently in the process of finding a partner to help it build the terminal and is at risk of being overtaken by its contender. The national company hopes that the project will be labelled as one of national interest, which would give it an easier permitting process.
Once built, the terminal may also become an important LNG trade hub in the region. It is expected to meet the gas needs of the gas-fired power plants in Batangas province, as domestic supply from the Malampaya field will cease its output by 2024.
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