Prime Energy, operator of the Philippines’ only indigenous gas field, the Malampaya Deep Water Gas-to-Power Project, aims to play a larger role in securing the country’s long-term energy future.
“Prime Energy’s vision and purpose have been very clear to us from the start: we aim to be a world-class Filipino energy company providing long-term energy security to Filipinos,” Prime energy president and chief executive Donnabel Kuizon Cruz said at the Asia Pacific Energy Council Capital Assembly in Singapore.
“We’ve proven we can operate assets well and rig up a major project in record time. Now we are looking beyond our boxes, and evolve as an exploration company, too,” Cruz said.
Prime Energy, a wholly-owned subsidiary of Razon-led Prime Infra, teamed up with Ratio Petroleum to explore Service Contract 76 in the East Palawan Basin. It is also pursuing farm-in opportunities in oil and gas blocks both in the Philippines and abroad.
“Ultimately, we want to see more oil and gas hubs in the Philippines, operated by generation upon generation of Filipino experts. We want more Filipinos to lead better lives because they have energy security. We want to thrive beyond Malampaya,” said Cruz.
Cruz cited the need to develop indigenous gas resources to meet rising energy demand and avoid deeper dependence on imported fuel, which exposes the country to volatile global markets.
Prime Energy has also entered the deal process to acquire international brownfield assets, Cruz said.
These efforts build on Prime Energy’s ongoing work to extend the life of Malampaya, with Phase 4 having started last week.
Its $893-million Phase 4 development, one of the largest upstream energy investments in the Philippines in over a decade, involves drilling two new deepwater wells.
The wells will be tied back to the existing platform via a 12-kilometer subsea pipeline laid across a canyon at depths reaching 1.2 kilometers, making it one of the most complex underwater projects in Asia Pacific.
“With these two new production wells, we hope to extend Malampaya life and sustain revenue remittances to the government as we continue to explore new gas sources,” Cruz said.
Prime Energy will also drill an exploration well in a new field named Bagong Pag-Asa.
Cruz credited recent government actions with enabling this momentum, particularly the extension of Service Contract 38 to 2039 and the passage of the Philippine Natural Gas Industry Development Act, which secures domestic demand for locally sourced gas and supports investment in upstream development.
