The project, Luzon LNG, will supply natural gas, sourced
from LNG, to existing and new gas-fired power plants in the region that provide
electricity to Luzon including the area of Metro Manila.
As explained, this abundant and secure source of gas supply
will augment the existing gas production from the domestic Malampaya fields, as
reserves from these fields begin to deplete.
“We are pleased to have received this significant approval
from the Government of the Philippines in supporting the country’s long-term
energy objectives – this is an important milestone to move the project
forward,” Daniel Bustos, Excelerate Energy Chief Commercial Officer, commented.
The proposed project will be located offshore the city of
Batangas to minimize the impact to the existing shipping traffic in the area
The terminal will utilize Excelerate’s offshore technology
specifically designed to perform in extreme weather conditions.
Luzon LNG will combine all necessary elements to meet the
region’s natural gas requirements including a fully-integrated turnkey floating
LNG terminal, arranging the necessary supply of LNG and distribution of natural
gas to end-users across Luzon.
Excelerate will develop, design, permit, construct, finance,
and operate the terminal.
Following the NTP, the company will seek the necessary
permits and raise financing for the project.