An advisory council composed of technical experts and key industry leaders was convened to ensure the long-term success of the multi-year exploration and development programmes of Prime Energy, a subsidiary of Prime Infrastructure Capital Inc. that has recently completed its acquisition of the 45-percent operating stake in Malampaya.
Created by Prime Energy, 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.
Quiniones said, “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.”
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; 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; and 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.
Also part of the advisory council that will guide Prime Energy are 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; and 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; was 2020 president of the Financial Executives Institute of the Philippines (FINEX), and recipient of the 2014 ING-FINEX CFO award of the year.
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 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.
Prime Infra is well-positioned to continue the solid track record of Malampaya recognised all over the world. The company’s energy portfolio is aligned with the national government’s goal to attain energy independence and security while reducing the country’s dependence on fossil fuels. Apart from the upstream gas project, other developments in the company’s energy portfolio include renewables (solar and hydropower), sustainable fuels, and a fully automated gas-fired power plant equipped with latest engines and control systems in Iraq.
For more information visit www.primeinfra.ph
