By Neil Jerome Morales
MANILA, March 15 (Reuters) - Philippine holding firm
Prime Infrastructure Capital Inc aims to put new wells at the
country's only major natural gas project into commercial
operation in 2026, and is seeking other fields to ensure
long-term output, its CEO told Reuters on Wednesday.
Prime Infrastructure has also lined up other energy projects
including an investment of at least 200 billion pesos ($3.7
billion) in solar power and battery energy storage systems ahead
of its planned initial public offering (IPO) this year.
"The first step is to continue extracting as much gas as
possible from the existing source. To that end, we will be
drilling new wells," Prime Infrastructure Chief Executive
Guillaume Lucci said in an interview.
It is also looking for additional gas fields within its
existing Malampaya concession and other areas, Lucci said.
The Malampaya gas project, located offshore Palawan
province, started commercial operations in 2001, supplying power
plants that deliver about a fifth of the country's electricity
requirements.
Prime Infrastructure is seeking a 15-year extension of the
project contract, which is set to expire in 2024, and is
exploring for more gas with output expected to run dry by 2027.
The holding firm owned by ports and gaming tycoon Enrique
Razon plans to go public this year, after postponing a planned
IPO aiming to raise up to 28 billion pesos ($511 million) last
October because of market volatility.
The Philippines' broader stock market index is down
1.5% so far this year, though still outperforming some regional
peers.
The company has interests that span energy, water
distribution and waste management.
"We certainly need the capital to support our projects but
IPO is only one of many ways to raise capital," Lucci said.
Prime Infrastructure's unit, Terra Renewables, plans to
build the world's largest solar power facility with a capacity
of 2,500-3,500 megawatts combined with a battery energy storage
system.
($1 = 54.81 Philippine pesos)
(Reporting by Neil Jerome Morales
Editing by Ed Davies)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.