State-run Philippine National Oil Co. said Friday it delivered a part of the Malampaya banked gas to undisclosed buyers on Dec. 26.
Banked gas refers to the accumulated unused gas of the Ilijan natural gas power plant as a result of the underutilization of the plant’s take or pay quantity from 2002 to 2007.
PNOC officer-in-charge president and chief executive Graciela Barleta confirmed the company sold a part of the banked gas to the new buyers but did not provide details due to confidentiality agreements. She said PNOC would use proceeds from the sale to finance the company’s projects.
PNOC and the buyers signed and executed the gas purchase agreement on Dec. 24.
Prior to the consummation of the sale this year with another buyer, the remaining volume of banked gas was equivalent to 101.28 petajoules.
“PNOC is in negotiation with other interested buyers of the remaining banked gas. We are hopeful that delivery of banked gas to the new buyers will resume before this year ends,” Barleta said earlier.
PNOC signed a memorandum of understanding in June with Power Sector Assets and Liabilities Management Corp. for the latter’s planned acquisition of the Malampaya banked gas.
Meanwhile, Barleta said the company would continue with the company’s projects in 2022 such as the development of vital energy infrastructure, particularly the development and rehabilitation of the Energy Supply Base.
“PNOC will also continue to pursue its commitment to provide energy infrastructure through the completion of the detailed feasibility study, environmental impact assessment and detailed engineering design for the Energy Supply Base Master Development Plan,” she said.
The PNOC official said the company would continue with energy resource development projects such as the national strategic petroleum reserve project as mandated by the Department of Energy through Department Circular No. DC2021-09-0028, including the development of a storage depot, terminal and distribution system for crude oil and petroleum products.