MANILA : Philippine holding firm Prime Infrastructure Capital Inc aims to put new wells at the country's only major natural gas project into commercial operation in 2026, and is seeking other fields to ensure long-term output, its CEO told Reuters on Wednesday.
"The first step is to continue extracting as much gas as possible from the existing source. To that end, we will be drilling new wells," Prime Infrastructure Chief Executive Guillaume Lucci said in an interview. The Malampaya gas project, located offshore Palawan province, started commercial operations in 2001, supplying power plants that deliver about a fifth of the country's electricity requirements.
The holding firm owned by ports and gaming tycoon Enrique Razon plans to go public this year, after postponing a planned IPO aiming to raise up to 28 billion pesos last October because of market volatility.