The Philippines’ only producing gas field, Malampaya, is in decline. The gasfield is predicted to dry up by 2022, at which time the Philippines will need nearly 9mn tonnes of LNG each year to supply its gas-fired powerplants.
Because of uncertainty about supply, AG&P, Singapore’s Liquified Natural Gas (LNG) firm is set to inaugurate the first LNG import terminal in the Philippines.
The heart of the facility will be a floating storage unit (FSU) that will provide a combined offshore-onshore terminal with an initial capacity of 5m tonnes per annum. The FSU was secured by a 15-year charter from the UAE’s Abu Dhabi National Oil Co (Adnoc).
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