Saturday, Oct 23, 2021
International Finance
Oil & Gas

Lloyds Energy, PNOC sign LNG development MoU in Philippines

Lloyds Energy, PNOC sign MoU for LNG development in Philippines
Firms will develop LNG facilities and natural gas generation plants in Limay, Bataan, Bauan, Batangas, and Mabini

Philippine National Oil Company (PNOC) and Dubai-based Lloyds Energy have teamed up to explore the possibility of developing liquefied natural gas (LNG) facilities in the country, the Philstar reported.

According to the report, PNOC signed a memorandum of understanding ( MoU) with Lloyds Energy to find ways to develop LNG facilities and natural gas generation plants in Limay, Bataan, Bauan, Batangas, and Mabini.

Speaking about the signing of MoU between Lloyds Energy and PNOC, Energy Secretary Alfonso Cusi told Inquier.Net that, “It (Lloyds Energy’s plan) is a welcome development as such a (power plant) will help augment our electricity supply as soon as possible.”

Lloyds Energy was one of several companies that submitted proposals to PNOC for a joint venture on an LNG terminal in Batangas.

Talking about the tie-up with Lloyds Energy, PNOC president, and chief executive officer Reuben Lista told the Philstar that it will not affect its other partnerships with Phoenix Petroleum Philippines or China National Offshore Oil Corporation. (CNOOC).

He added that both are exploratory and without exclusivity clauses.

Earlier in March this year, PNOC signed a MoU with Phoenix Petroleum and CNOOC to allow PNOC to be part of the LNG project being developed by Tanglawan Philippine LNG.

PNOC first explored a partnership with Lloyds Energy last year when it was scouting for its own partner on cast LNG import terminal and gas-fired power projects. The search was cut off when the nation’s Department of Energy (DOE) intervened and stressed that it shall be the one issuing permits or notice-to-proceed to LNG project developers.

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