Excelerate Gets Go Ahead for Philippines Terminal
Excelerate Energy September 20 received the Philippines government go-ahead to develop a floating LNG import terminal in the Bay of Batangas, it said September 26.
The company said it has got the notice to proceed (NTP) from the Philippine department of energy (DOE) to the import terminal as per the DOE's guidelines for "Rules and Regulation Governing the Philippine Natural Gas Industry." The project, Luzon LNG, will supply regasified LNG to existing and new gas-fired power plants in the region that provide electricity to Luzon including the area of Metro Manila, Excelerate said.
"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," Excelerate COO Daniel Bustos said. "We look forward to working with the government and private sector for the successful completion of the project that will enable Excelerate to invest in critical infrastructure allowing the country to continue on its current path of tremendous economic growth."
The proposed project will be located offshore the city of Batangas to minimize the impact to the existing shipping traffic in the area and coastline. The terminal will utilise 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, the company said. Excelerate will develop, design, permit, construct, finance, and operate the terminal.
Following the NTP, Excelerate said it will seek the necessary permits and raise financing for the project.