Prime Infra unit forms Malampaya advisory council
BY LENIE LECTURA – JANUARY 4, 2023
from Business Mirror
Prime Energy Resources Development B.V. (Prime Energy), a subsidiary of Razon-led Prime Infrastructure Capital Inc. (Prime Infra), has created an advisory council to ensure gas supply from the Malampaya gas field.
The council will provide technical expertise and assist the management team headed by Prime Energy General Manager Sebastian Quiniones in crafting the necessary structures for implementation, as well as serve as a sounding board for fundamental actions such as engaging with authorities.
“The new advisory council initiated by Prime Energy for the Malampaya project will serve the purpose of providing strategic advice and technical guidance to support me and the Board in this critical time when the company’s exploration and development programs are about to commence to prolong the gas supply, which is becoming increasingly scarce,” Quiniones said in a statement.
The members of the newly formed advisory council are Cesar Buenaventura, the first Filipino president of Pilipinas Shell Petroleum Corp. (PSPC); Jose Ibazeta, Prime Metro Power Director and industry leader who served as President and CEO of the Power Assets and Liabilities Management Corp. from 2007 to 2010 and acting Secretary of the Department of Energy from January 2010 to May 30, 2010; and Rufino Bomasang, former Philippine National Oil Co.-Exploration Corp. (PNOC-EC) President and CEO.
Also part of the advisory council that will guide Prime Energy are Antoine Bliek, former Shell Project Manager for Malampaya Phase 2 and 3 and former Project Director of Shell Majnoon in Iraq and Jose Jerome Pascual III, former Shell Philippines Exploration B.V. Finance Director, former PSPC Chief Finance Officer.
The members of the council were convened to ensure the long-term success of the multi-year exploration and development programs of Prime Energy, which has recently completed its acquisition of the 45-percent operating stake in the Malampaya consortium.
The consortium is composed of PNOC EC, UC38, and Prime Energy.
By 2025-2026, gas exports will reach near technical minimum before new gas can be sourced.
Backed by technical experts and specialist contractors from around the globe, Prime Energy is well equipped to plan and execute viable projects to extract more gas from reservoirs in the Service Contract 38 area covering the Malampaya project, and tie these to the existing operating assets.
The company said the success of the multi-year exploration and development programs of Prime Energy will be made possible through its parent firm, the newly-formed advisory council, the DOE, and the Malampaya consortium partners.
