Some of the biggest energy companies expressed their support to the government’s plan to develop the liquefied natural gas (LNG) industry in the country to ensure energy security.
Key stakeholders from the public and private sector gathered together in an energy forum organized by the Stratbase ADR Institute, in partnership with CitizenWatch Philippines.
In his speech, Stratbase Institute President Dindo Manhit emphasized the importance of the private sector’s support to push the development of the LNG industry.
“There is always the opportunity for the private sector to work in closer collaboration with the government to jumpstart this industry,” Manhit said.
“Aside from the energy stability and environmental benefits, developing LNG as a stable source of power will foster more infrastructure development, technology transfer, job creation, and trade, all of which will substantially contribute to the country’s overall economic growth and prosperity,” he added.
In line with the National Renewable Energy Program, the government is pursuing an ambitious national renewable energy (RE) power generation mix target of 50 percent by 2040. In the process, LNG will serve as the cleaner transitional bridge from fossil fuels to renewable energy.
ExxonMobil Corporation, an American multinational oil and gas company, said it is fundamental for Asian countries to continue to build on their resilience and meet energy demand while lowering emissions through LNG.
The company’s LNG Market Development and Origination Vice President, Shahrukh Mirza, noted that the Philippines has built a new LNG import infrastructure, which “will go a long way towards energy security, reliability, and stability.”
Global Business Power Corporation (GBPC), a wholly-owned subsidiary of Meralco PowerGen Corporation, expressed readiness to respond to the energy challenges in the country, including the development of the LNG industry.
Dominador Camu, GBPC Chief Operating Officer, said aside from being considered as a cleaner and more environmentally friendly alternative to fossil fuels, LNG is equally abundant and traded in the international market, and can be stored and transported like any other international commodities.
For Prime Infrastructure Capital, there is a need to continuously develop indigenous gas together with natural gas.
“Do we allow LNG to completely replace indigenous gas? My answer would be: We must not. We need both in order to foster growth of the natural gas sector. The phrase ‘collective approach’ here is incredibly apt, because it is the synergy of imported LNG and indigenous gas that creates power supply reliability, sustainability and affordability,” said Donnabel Kuizon Cruz, Prime Infrastructure Capital Managing Director and General Manager.
Cruz noted that indigenous gas guarantees fuel supply as the power grid becomes increasingly vulnerable to weather and other disruptions, and stabilizes electricity prices as the country becomes increasingly dependent on imported LNG for power generation.
“With the advent of LNG in the Philippines, we are becoming part of a global energy ecosystem. The strongest economies are the ones where its players take advantage of its homegrown resources to scale up and level up. We’ve proven time and again that we absolutely can – our very own Malampaya Project continues to be a shining example of the Filipino’s ingenuity and bayanihan spirit,” Cruz explained.
