Razon firm eyes new gas fields
Razon-led Prime Energy Resources Development BV hopes to develop gas fields beyond Malampaya to strengthen the Philippines’ long-term energy supply.
Speaking to reporters on Tuesday night, Donnabel Kuizon Cruz, Prime Energy president and CEO, said that the group had an “ongoing study” to explore other areas aside from the Malampaya gas field, the country’s only indigenous commercial source of natural gas.
“We’re not focused on just one area. And of course, every year, we refresh our work program budget to see where we want to go next,” she said.
The company executive, who also chairs the Petroleum Association of the Philippines, could not provide further details but said Prime Energy had begun mobilizing its team, composed of geologists and petrophysicists, among others.
Cruz also said the firm was open to collaborating with other operators.
She said Prime Energy, the gas unit of billionaire Enrique Razon, is even more driven to launch exploratory activities with President Marcos’ pronouncement to “find more wells, find more blocks.”
She also said that in the meantime, Prime Energy was on course to produce natural gas from new Malampaya wells by the last quarter of the year, a crucial development as the Philippines scrambles to beef up its power sector amid the war in the Middle East.
