Phoenix, Cnooc Sign Philippines LNG MoU
Philippines’ independent oil and gas company, Phoenix Petroleum, has signed a memorandum of understanding with Cnooc Gas and Power, a unit of China’s Cnooc to develop an LNG import terminal in the southeast Asian nation.
“Phoenix Petroleum and Cnooc Gas and Power Group signed the MOU on June 5, 2018 in Manila to study, plan, and develop a liquefied natural gas (LNG) receiving terminal project in the Philippines. The MoU for the LNG project will potentially broaden Phoenix Petroleum’s portfolio of new businesses, which now includes LPG, convenience retailing, asphalt, and e-transactions,” Phoenix said June 5.
The southeast Asian country is encouraging global investors to build LNG infrastructure as it needs to keep gas-fired generating assets viable – and attract new investments – after Malampaya, the country’s only commercial gas field, dries up in the next five or six years.
Earlier this year, Australia-listed Energy World Corporation (EWC) said it has 90%-completed its 130,000 m3 capacity LNG hub terminal in the Philippines. The facility, on Pagbilao Island in Quezon province, is some 90 km southeast of Manila and capable of handling up to 3mn metric tons/yr of LNG.