With the looming shutdown of the Malampaya gas field, Investments for liquefied natural gas (LNG) projects in the country have been accelerated.
The Department of Energy (DOE) has approved seven LNG projects.
Fitch Solutions, the research arm of Fitch Group, said the Philippines becomes a “highly interesting” area for energy investments with its “energy hungry domestic market and ample trade opportunities throughout the region”.
“The number of projects that have been awarded a notice to proceed from the DOE has now increased to seven each targeting start-ups by the mid-2020s ahead of the forecast depletion of Malampaya,” Fitch Solutions said.
These LNG projects are investments of First Gen Corp. and Tokyo Gas, Batangas Clean Energy, Excelerate Energy, Energy World Corp., Vires Energy, Shell, and Atlantic Gulf & Pacific Company of Manila.
Fitch Solutions added it is critical for the Philippines to have replacement of power source before Malampaya gas field will be completely dried up.