DOE outlines major gains in drive to energy security | Lenie Lectura

THE Department of Energy cited the renewal of the Malampaya service contract and enforcement of renewable energy policies as among the major accomplishments of the current administration, which has been pushing for energy security amid rising world oil prices.

In his 2022 State of the Nation Address, President Ferdinand R. Marcos Jr. noted the “uncertain policy in upstream gas, particularly in the area close to Malampaya.”The government took the lead in providing investment incentives by approving the sale of shares of Shell Philippines Exploration B.V.’s 45-percent stake in SC 38 to MEXP Holding Pte. Ltd. on September 30, 2022.

The approval also led to the extension of SC 38, requiring the Malampaya consortium to explore the area around Malampaya for new wells. The DOE also said that with the renewal of the Malampaya SC 38, First Gen Corp. and Prime Energy has forged an alliance that will allow Prime Energy to lease and operate the First Gen’s LNG terminal.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

NGCP vows completion of transmission projects, quick shift to renewable energy | Lenie LecturaThe National Grid Corporation of the Philippines (NGCP) on Monday night made a commitment to President Ferdinand R. Marcos Jr. to concentrate all available resources for the completion of ongoing transmission projects. NGCP also said it will work with partner State Grid Corporation of China (SGCC) to hasten the transition…
Source: BusinessMirror - 🏆 19. / 59 Read more »

DOE readies third round of green energy auctionDOE Undersecretary Rowena Guevara said while the agency had not yet set the targets, they were already talking with industry players on the auction capacity per technology. READ MORE:
Source: MlaStandard - 🏆 20. / 55 Read more »

Audit report shows DOE failed to collect P1B from energy firmsState auditors call out the Department of Energy for its low collections that have been a recurring problem for years.
Source: rapplerdotcom - 🏆 4. / 86 Read more »