Proceeds from the Malampaya gas-to-power project in northwest Palawan hit P990 billion since 2001, including P416.768 billion that went to the government.
Data from the Energy Department and Bangko Sentral ng Pilipinas showed of the amount, P295.587 billion was spent for cost-recovery or the amount aligned to recoup capital investments in the project, while P298.1 billion went to the Malampaya consortium as contractor’s revenue.
The Malampaya consortium is composed of Shell Philippines Exploration B.V. and Chevron Malampaya Llc with 45-percent stake each and PNOC Exploration Corp. with 10 percent.
Government revenues reached P416.768 billion from the Malampaya project, data showed. Of the government revenues, P127.661 billion represented corporate income tax payment; P37.567 billion, branch profit remittance tax; P100.6 billion, assistance to local government units; and P150.919 billion, Malampaya fund.
The Malampaya gas project generated gross proceeds of P50.34 billion in 2016 alone, slightly lower than P55.148 billion in 2015, because of lower oil prices in the world market.
Around P16 billion was spent for cost recovery last year, while contractor revenues amounted to P13.7 billion.
Government revenues from Malampaya reached P20.55 billion in 2016, including P5.87 billion in corporate income tax, P1.774 billion in branch profit remittance tax, P5.162 billion in LGU assistance and P7.743 billion in Malampaya fund.
The gas-to-power project, which started operations in 2001, supplies power to natural gas plants in Batangas province, with a combined capacity of more than 3,000 megawatts.
The Duterte administration wants to tap the Malampaya fund to reduce electricity cost.