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ACE Enexor seeks partner for

Philippine deepwater project

PROJECTS & PHILIPPINE junior ACE Enexor said this week
COMPANIES that it is looking to partner with a more experi-
enced developer ahead of its planned deepwater
drilling programme.
ACE Enexor chairman and CEO Eric T.
Francia told the Manilla Bulletin on November
23 that the company intended to drill two wells
at Service Contract (SC) 55 – with the first one
targeted for April 2022.
The company’s work programme, which the
Philippine Department of Energy (DOE) has
approved, contains a commitment to drill at
least one well by April 2022. The company has
budgeted $1.7mn for that first well.
Francia said his company was looking to
bring new foreign investors into the develop-
ment consortium and that efforts on this front
were “a work in progress”.
ACE Enexor owns 75% operated interest in
the 9,880-square km SC 55, while Pryce Gases
holds the remaining 25%. The junior expanded
its stake in February, after Century Red relin- The Philippines relies heavily on the Malam-
quished its 37.5% share. paya offshore natural gas field to power sev-
Francia said the company was hoping to eral thermal power plants (TPPs) on the main
make a gas discovery at SC 55, given the antic- island of Luzon. The government sited the field’s
ipated decline of production at the ageing decline as one of the reasons behind its decision
Malampaya gas field. last month to lift its six-year moratorium on off-
“Given that Malampaya is expected to be shore exploration in disputed waters of the South
declining, it’s expected to last only until late China Sea.
2020s, and that’s potentially less than 10 years, “With the impending depletion of our
which is a short time,” Francia said. He added: natural gas reserves in Malampaya, it is the
“The opportunities are in renewables, but to department’s position that there is an urgent
complement renewables, ideally we should also imperative to resume exploration, develop-
have indigenous gas resource beyond Malam- ment and production activities within our
paya. So, I think it’s still good, so you would be [exclusive economic zone] EEZ to ensure
less dependent on imports and for energy secu- continuity of supply of indigenous resources
rity as well, it will be good to find that next indig- in the country,” Energy Secretary Alfonso Cusi
enous source of gas.” told reporters on October 15.™

MoUs signed for separate LNG-

to-power projects in Vietnam

PROJECTS & TWO separate projects that will have an LNG be built in Vietnam’s Quang Ninh Province at an
COMPANIES import component were reported over the past estimated cost of JPY200bn ($1.9bn). The power
week to be advancing in Vietnam. On November plant would have a capacity of 1,500 MW.
19, Nikkei Asian Review reported that Petroviet- The partners in the project will now begin a fea-
nam Power and a Vietnamese construction firm sibility study and negotiations on power pricing.
had signed a memorandum of understanding Start-up of the planned facility is targeted for 2026.
(MoU) with Japan’s Tokyo Gas and Marubeni to Separately, on November 21, General Elec-
build an LNG-to-power project. The facility will tric (GE) signed an MoU with Vietnam’s EVN

P6 www. NEWSBASE .com Week 47 26•November•2020