At the virtual 2nd LNG and Clean Energy Investment Summit, DOE Assistant Secretary Leonido Pulido III urged investors to look into opportunities in the liquefied natural gas (LNG) sector in the country.
“With Malampaya’s depletion estimated to occur in the next few years, there is an urgent need to attract more investments in the downstream LNG industry,” Pulido said.
He said that aside from adding natural gas sources in the energy mix, DOE also envisions the country to be the LNG hub in Southeast Asia.
FGEN LNG Corp., Energy Gas Operations Philippines, Excelerate Energy L.P., Batangas Clean Energy Inc. and Atlantic Gulf & Pacific Company of Manila Inc. were given notices to proceed with their LNG terminal projects.
In the same virtual event, Senate Energy Committee chair Sherwin Gatchalian said natural gas is the fuel of choice and the fuel of the future for the Philippines as more firms are investing in the sector.
“It just goes to show that natural gas will be a fuel of (the) future for our electric power needs. This is a signal to the market that natural gas and LNG will be here to stay in our energy mix,” he said.
According to DOE, natural gas accounts for 21.9 percent of the country’s power generation mix in 2019.
The country targets to increase natural gas’ share to energy mix to 33 percent by 2040, while renewable energy will share 32 percent, coal at 34 percent, and oil at 1 percent. (PNA)