A Dubai-headquartered company is making waves in the global liquefied natural gas industry, as news spreads it is closing in on a deal to develop an LNG energy hub in the Philippines
Lloyds Energy recently received notification from Philippine National Oil Company that its unsolicited proposal for the PNOC Batangas Bay Energy Hub Project has been determined to be complete and will now be evaluated by the technical working group.
Backed up by industry reports, it is widely believed by industry executives the strong LNG demand experienced in 2017 will continue this year. In addition, various forecasts suggest demand should remain sufficient to handle the new supply (largely in Australia and the US) expected later in 2018.
Claiming to be the first company to submit an unsolicited proposal to PNOC, the ambitious remit would include: the development and construction of an integrated LNG hub with storage, liquefaction, regasification and distribution facility, as well as a power plant capacity of 200 to 800 megawatts (MW).
The PNOC Batangas Bay LNG Hub Project is envisioned to turn the Philippines into a hub for LNG amid the expected depletion of natural gas from the Malampaya gas field in Palawan and the expiration in 2024 of Service Contract 38 issued to the consortium of Shell, Chevron and PNOC-EC for the operation of Malampaya.
Established in 2013 with the strategic aim of delivering LNG to the global market, Lloyds Energy has grown rapidly by establishing international alliances with LNG companies, off-takers and engineering groups specialising in the commodity.