Indigenous gas development should remain an integral part of the Philippine energy policy to attain energy security, a top executive of Prime Energy Resources Development B.V. said.
Prime Energy, a wholly-owned subsidiary of Prime Infrastructure Capital Inc., operates the Malampaya Deep Water Gas to Power Project, the country’s first and only indigenous gas resource off the province of Palawan. “During the April heat wave when the Luzon grid was on yellow and red alert, Malampaya operated at close to 120 percent of its current system capacity,” she said.
Cruz said indigenous gas helps stabilize electricity prices as witnessed during times of international conflict, like the war between Russia and Ukraine which triggered upward spikes in LNG prices.