Listed Ayala-owned Enex Energy Corp. said over the weekend it is looking for partners for Service Contract 55 in the West Philippine Sea and its 1,100-megawatt combined-cycle gas turbine power plant in Batangas.
Enex chairman Eric Francia said during the company’s annual stockholders’ meeting last week that they were “actively looking the right partner to invest, to derisk the gas exploration development for SC 55.”
“The company’s oil and gas exploration contract, SC55 continues to be under force majeure given geopolitical issues associated with the West Philippine Sea. With that said, we continue to explore bringing in the right partner or sponsor to undertake the exploration and development activities once it is possible to do so,” Francia said.
The company’s subsidiary, Palawan55 Exploration and Production Corp. (Palawan55) owns a majority stake in SC 55 in southwest Palawan, which holds the Cinco prospect, estimated to contain 1.3 trillion to 2.4 trillion cubic feet of gas and 45 million barrels of oil.
Meanwhile, Francia said the company continues to make progress in the downstream sector.
“Our investee company, Batangas Clean Energy (BCE), continues to develop the 1,100-MWcombined cycle gas turbine project in Batangas province, which is awaiting a competitive selection process in order to secure a customer offtake contract,” he said.
“We are also entertaining potential investors who would potentially put equity to enable the project,” Francia said.
ENEX and US-based Blackstone Inc. portfolio company – Gen X Energy LLC are jointly developing BCE.
“The company will focus on its two assets, namely SC55 and BCE, and we will look to unlock value at the opportune time,” Francia said.
Francia said that while ENEX’s parent company ACEN is supporting the joint venture company, ACEN has already committed to only invest in 100 percent RE.
“I just want to make it clear that it is not the intent of ACEN to invest in the construction equity of a gas-fired power plant because we already committed to become 100 percent RE generation by 2025,” Francia said earlier.