The Tamesis
Prime Energy’s latest drilling at Malampaya in the West Philippine Sea has confirmed new natural gas reserves in the area.
Provided by Prime Infra
Prime Energy, controlled by port and casino tycoon Enrique Razon Jr.’s Prime Infra Holdings, and its partners announced they would invest $893 million to drill more offshore wells after discovering new natural gas reserves at Malampaya, the Philippines’ only offshore natural gas field.
Prime Infra said in its reply that the amount was the total investment in the Malampaya Phase 4 development project. Forbes Asiaquery. It covers the drilling of several new wells, including Malampaya East-1, where a new natural gas field was recently discovered.
Drilling at the newly discovered Malampaya East-1, a previously undeveloped reservoir, has confirmed the presence of an additional 98 billion cubic feet of gas and associated condensate, Prime Infra said in a statement.
“Preliminary well data indicates production equivalent to approximately one-third of Malampaya’s remaining (produced) natural gas,” the company said.
The new discovery could extend the life of Malampaya, whose current reserves are expected to be exhausted between 2027 and 2029. Prime Energy operates the Malampaya gas field about 80 kilometers northwest of Palawan Island in the West Philippine Sea, with partners including Davao businessman Dennis Uy’s Udenna Corp. and state-owned PNOC Exploration Corp.
Razon has been increasing energy investments in recent years. Through his Prime Infra, he agreed to buy a 45% stake in the Malampaya gas field in 2022. Last May, Prime Infra agreed to buy a 60% stake in the gas-fired power plant assets of First Gen Corp., owned by tycoon Federico Lopez and his family, for $896 million.
With a real-time net worth of $14.3 billion, Razon is one of the richest tycoons in the Philippines. He holds stakes in global port operator ICTSI, gold producer Apex Mining and Bloomberry, which owns two casino resorts in Metro Manila.
