Prime Infrastructure Capital Inc. subsidiary Prime Energy has formed an advisory council composed of technical experts and key industry leaders to ensure the long-term success of the multi-year exploration and development programs of the Malampaya natural gas field.
The company said the advisory council will provide technical expertise and will assist the management team in crafting necessary structures for implementation. It will act as a sounding board for fundamental actions such as engaging with authorities.
“The new advisory council initiated by Prime Energy for the Malampaya project will serve the purpose of providing strategic advice and technical guidance to support me and the board in this critical time when the company’s exploration and development programs are about to commence to prolong the gas supply, which is becoming increasingly scarce,” said Sebastian Quiniones, Prime Energy general manager, in a statement yesterday.
Prime Energy, which holds a 45 percent stake in the project, said all concerned parties agreed urgent action is needed to address the depleting supply of gas in the country.
These parties include the joint venture partners in the consortium like UC38, a subsidiary of Udenna Corp. which holds the for other 45 percent ,and the Philippine National Oil Co.-Exploration Corp. (PNOC-EC) for the remaining 10 percent together with the Department of Energy.
Prime Energy assured it is backed by technical experts and specialist contractors, making it well equipped to plan and execute viable projects to extract more gas from reservoirs in Service Contract 38 area covering the Malampaya project and tie them to existing operating assets.
The company added the newly formed advisory council has a significant amount of project and financial management expertise. Members include Cesar Buenaventura, the first Filipino president of Pilipinas Shell Petroleum Corp. and was also instrumental in guiding development of the Malampaya project in the Philippines.
The other members are Jose Ibazeta, Prime Metro Power director who also used to serve as president and chief executive officer of the Power Assets and Liabilities Management Corp.; Rufino Bomasang, former PNOC-EC president and chief executive officer; Antoine Bliek, former Shell project manager for Malampaya phases 2 and 3 and; Jose Jerome Pascual III, former Shell Philippines Exploration B.V. finance director.
