supports Senate Bill No. 152 which seeks to create a legal and regulatory framework on the development of the gas industry.
“I’d like to convey our full support to this, and we believe it is very timely and relevant. We have to continue exploring for new gas, and we will need LNG [liquefied natural gas] to fill in the gap,” she said. Prime Energy, which holds a 45-percent operating stake in the Malampaya consortium, committed to drilling at least two deep-water wells from 2024 to 2029 under its work program with the government.
The framework will make it possible to blend currently declining volumes of indigenous Malampaya gas with imported LNG. Cruz said S.B. 152 would be key to this happening. “We believe this will enable a stable, clear and predictable regulatory framework that protects the interest, both of the investor and consumers,” Cruz told senators.