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Malampaya Gas Project

Arthur Fuentes

Benise Balaoing

ABS-CBN News

MANILA -- Prime Infrastructure is looking to start drilling for new gas sources in Malampaya next year.The infrastructure firm of ports billionaire Enrique Razon said it has already contracted the drilling vessel for the project and is set to begin drilling 2 development wells and 1 exploratory well called Bagong Pag-asa.Guillaume Lucci, president and CEO of Prime Infra told ANC that the company is looking to spend “over $750 million to $800 million in the next couple of years” to try to extend the life of the Malampaya gas field.Lucci said they hope the new wells can start producing gas by 2026 or 2027.Prime Infra, which partly owns Manila Water, is also set to complete the Wawa Bulk Water Supply Project by the first quarter of 2025, Lucci said.The new dam is expected to add 700 million liters per day to Metro Manila’s water supply.  Lucci however also said that Prime Infra’s much-anticipated initial public offering (IPO) in the Philippine Stock Exchange is unlikely to happen in the medium term.“It’s very difficult to decide what the best path forward is to raise capital. So the public markets are not the only solution to that,” Lucci said.<div>--ANC, 16 April 2024</div><div> </div>

The infrastructure firm of ports billionaire Enrique Razon said it has already contracted the drilling vessel for the project and is set to begin drilling 2 development wells and 1 exploratory well called Bagong Pag-asa.

The infrastructure firm of ports billionaire Enrique Razon said it has already contracted the drilling vessel for the project and is set to begin drilling 2 development wells and 1 exploratory well called Bagong Pag-asa.

Prime Infra to start new drilling in Malampaya next year

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Prime Infra to start new drilling in Malampaya next year

Arthur Fuentes,

Benise Balaoing,

ABS-CBN News

Published Apr 16, 2024 06:17 PM PHT

|

Updated May 28, 2024 04:55 PM PHT

Read More:

Prime Infra

Prime Infrastructure

IPO

initial public offering

Malampaya

natural gas

energy

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