More American investors are keen on participating in the Philippines’ emerging liquefied natural gas industry, Energy Secretary Raphael Lotilla said.
“The Americans as you know are represented by Chevron in the upstream, and they have withdrawn from the Philippines, but other American companies are now interested for example in the LNG business because they see natural gas also as a transition fuel,” Lotilla said.
He said US investors believe that LNG will help secure the country’s energy requirements.
The Department of Energy has issued seven permits, including notices to proceed and permits to construct, to proposed LNG import terminal projects.
FGEN LNG Corp. and Linseed Field Corp./AG&P, which received permits to construct, are expected to operate their LNG terminals in the first and second half of 2023.
The commercial operation of the LNG import terminals will pave the entry of imported LNG, making the Philippines a member of the LNG import club.
Energy World and Luzon LNG Terminal expect to start commercial operations of their separate projects by 2024 to 2025.
Three other LNG terminal projects received NTPs and are expected to launch commercial operation between 2025 and 2027.
Meanwhile, Lotilla said President Ferdinand Marcos Jr. raised the concept of loss and damage and the role of renewable energy with US President Joe Biden.
“From the energy sector’s standpoint, we see the significance of his bringing up the issue of loss and damage because that involves the concept of compensation for countries that have contributed the least to the climate crisis,” the energy chief said.
