28 Octubre,2024 Lunes
supports 35th National Statistics Month October, Advancing data and statistics through digital transformation,a road to empowered nation
supports World Food Day October 16, 2024
No to Divorce!!!
Get well soon Nanay Angelita Santiago-Lopez
No to SOGIE bill
PM for any hospital discharge problem
Happy Birthday Loida Tajan-Ocampo, more birthdays to come
Happy Birthday Rosita Belmonte-Jose more birthdays to come
Happy Birthday Jo Ephraim Lopez more birthdays to come
‘P8 B Malampaya royalties can minimize oil price hikes’
By Nidz Godino
“Malampaya is not just about government royalties…it is about country’s energy independence and security…we need indigenous gas supplies to reduce import dependence and to insulate country from harmful global fuel price shocks,” Rep. Johnny Pimentel said P8-billion windfall government will receive as royalties this year from offshore Malampaya natural gas project can be utilized for easing people’s burden on continuous oil price hikes.
Royalties are payments received by government in return for Malampaya consortium’s right to harvest gas field’s reserves, Pimentel noted.
As per Pimentel’s breakdown, “sum is P9.7 billion, or 55 percent less than the P17.7 billion in Malampaya royalties government received in 2023.”
“We are counting on government royalties from 24-year-old gas project to gradually recover and increase hopefully starting in 2026 or 2027 after two new deepwater production wells are put in place under Phase 4,” he said.
Based on Malacañang’s 2025 Budget of Expenditures and Sources of Financing submitted to Congress, Pimentel noted estimated government royalties from Malampaya have been reduced to P8 billion this year and P5 billion in 2025.
Over 10-year period, from 2014 to 2023 alone, government received aggregate of P200 billion in Malampaya royalties, or average of P20 billion per year.
Malampaya’s gas supplies have been used to run major power plants in Luzon over years.
Pimentel credited Prime Energy Resources Development B.V., operator of Malampaya, for its bold move to extract fresh gas supplies and prolong project’s productive life by at least another 15 years through Phase 4.
Under Phase 4, Prime Energy will spend up to $600 million, or P35 billion, to drill two new production wells and hook them up to Malampaya shallow water platform.
ISKUP! 