Phoenix, Cnooc Sign Up PNOC for Philippines LNG Project

Manila-listed Phoenix Petroleum and Chinese state-owned Cnooc have signed a memorandum of understanding with Philippine National Oil Co. (PNOC) to allow PNOC to be part of the LNG project being developed by Tanglawan Philippine LNG —a planned joint venture between Phoenix and Cnooc.

The MoU, signed February 28, will “allow the three companies to explore and discuss business opportunities and cooperation in relation to the equity investment in Tanglawan Philippine LNG Inc. and other companies relating to the project, PNOC facilities, market development, PNOC banked gas, and future energy projects,” Phoenix said March 1. It did not say how much equity will PNOC hold in the project. 

Phoenix had last month announced it was in talks with PNOC for a strategic alliance on the LNG project.

Tanglawan plans to start work on the 2.2mn mt/yr terminal this year, with commercial operations targeted to start by 2023. The new venture also aims to develop a gas-fired power generation facility with up to 2,000 MW installed capacity.

The proposed joint venture with Cnooc was approved by the Phoenix board on January 31, 2019.