State-run Philippine National Oil Co. is seeking a budget of P2.209 billion in 2024, including P1.43 billion for its planned solar and offshore wind initiatives.
PNOC president Oliver Butalid said during the House of Representatives budget hearing the company aims to be a key player in the underserved segments of the broad energy industry.
“We will be a niche player and focus on activities that will impact a long-term energy supply for our nation,” he said.
Butalid said the company set five high-impact initiatives for 2024. “The first two pertains to our existing properties Batangas and Bataan and next three are entirely new initiatives that PNOC will embark in,” he said.
He said PNOC would transform its 19.2-hectare property in Mabini, Batangas into an integration port in preparation for the offshore wind power development in nearby service contract areas.
“The redevelopment of the strategically located port will take about 2 years just in time for the first OSW turbine to be launched in 2026,” he said.
PNOC also aims to support National Power Corp.’s thrust to reduce generation cost in off-grid areas.
“We hope to install solar PV capacity in selected islands by 2025… PNOC will position itself to be the entity that will aggregate the demand of government entities and farm this out to private ESCOs,” Butalid said.
PNOC is also offering its Bataan Industrial Park for liquefied natural gas projects to provide additional energy security as most LNG terminals are located in Batangas province.
“Our country will have to rely on LNG to fuel its existing and future gas-fired gen plants. Today, the two LNG terminals are located in Batangas. PNOC will reserve the remaining area of its Bataan industrial park for an LNG terminal,” Butalid said.
“Having an LNG in Bataan will not only improve access of this fuel source to more users but will provide energy security since it will be located far from Batangas,” he said.
He said PNOC is also planning to invest in electric vehicle charging stations. “PNOC can be the first mover just to start the ball rolling,” he said.
