European companies engaged in the development of the new gas platform for the Malampaya gas project in Palawan have poured in $1 billion in capital, encouraged by the success of the public-private partnership project. “The scale of this European investment is significant by any measure. Several European companies ar
European companies engaged in the development of the new gas platform for the Malampaya gas project in Palawan have poured in $1 billion in capital, encouraged by the success of the public-private partnership project.
“The scale of this European investment is significant by any measure. Several European companies are involved in this endeavor that promises to secure an important source of revenue for the Philippine people while creating new jobs for well-trained Filipinos in their own country,” said European Union Ambasador Guy Ledoux.
The Malampaya Deep Water Gas-to-Power Project is operated by Shell Philippines Exploration B.V (SPEX) on behalf of joint venture partners Chevron Malampaya LLC and the Philippine National Oil Company-Exploration Corporation under Service Contract 38.
SPEX is the upstream operating company of Netherlands-based Royal Dutch Shell in the Philippines.
SPEX expects the fabrication of the 2nd platform of the gas project to be completed within the year in time for its scheduled installation in Palawan by 2015.
SPEX has contracted Keppel Subic Shipyard to build the depletion compression platform that would be installed beside the existing one.
The deep well platform would sustain the gas project's present output of 2,700 megawatts delivered to the Luzon grid.