In a statement, Prime Infra said the advisory council will ensure the long-term success of the multi-year exploration and development programs of Prime Energy that has recently completed its acquisition of the 45-percent operating stake in Malampaya.
Prime Infrastructure Capital Inc.
The advisory council will provide technical expertise and assist the management team headed by Prime Energy General Manager Sebastian Quiniones in crafting necessary structures for implementation, as well as serve as a sounding board for fundamental actions such as engaging with authorities.
“The new advisory council initiated by Prime Energy for the Malampaya project will serve the purpose of providing strategic advice and technical guidance to support me and the Board in this critical time when the company’s exploration and development programs are about to commence to prolong the gas supply, which is becoming increasingly scarce,” Quiniones said.
Malampaya gas production platform
All concerned parties of the Malampaya project including the joint venture partners in the consortium and the Department of Energy (DOE) agree that urgent action is needed to address the depleting supply of gas.
By 2025-2026, gas exports will reach near technical minimum before new gas can be sourced.
The newly-formed advisory council has a significant amount of Project and Financial Management expertise through members such as Cesar Buenaventura, the first Filipino President of Pilipinas Shell Petroleum Corporation (PSPC), who was instrumental in guiding the various Oil Majors to invest and develop the Malampaya project in the Philippines.
Also Jose Ibazeta, Prime Metro Power Director and industry leader who served as President and Chief Executive Officer (CEO) of the Power Assets and Liabilities Management Corporation (PSALM) from 2007 to 2010 and acting Secretary of the Department of Energy from January 2010 to May 30, 2010.
Prime Energy has also tapped Rufino Bomasang, former Philippine National Oil Company – Exploration Corporation President and CEO, former Executive Director of the Office of Energy Affairs (forerunner of the Department of Energy), and government counterpart of Buenaventura in establishing the upstream sector of the Philippines.
The advisory council also includes Antoine Bliek, former Shell Project Manager for Malampaya Phase 2 and 3 and former Project Director of Shell Majnoon in Iraq, who has over a decade of leadership experience in multi-billion upstream projects.
Also in the council is Jose Jerome Pascual III, former Shell Philippines Exploration B.V. Finance Director, former PSPC Chief Finance Officer (CFO), Chief Risk Officer (CRO), VP Finance & Treasurer, who has over 30 years of finance and business experience at Shell in both downstream and upstream operations in the Philippines, Netherlands, Kazakhstan and Brunei.
“Backed by technical experts and specialist contractors from around the globe, Prime Energy is well equipped to plan and execute viable projects to extract more gas from reservoirs in the Service Contract 38 area covering the Malampaya project, and tie these to the existing operating assets,” the Razon Group said.
It added that, “The success of the multi-year exploration and development programs of Prime Energy will be made possible through the full support of its parent company Prime Infra, the newly formed advisory council, the DOE, and the Malampaya consortium partners.”
The Prime Infra group supports Prime Energy in other areas such as project financing, supply chain and logistics, human resources, and government and external relations.
Credit belongs to : www.mb.com.ph