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Malampaya sale to Udenna units a lost chance for gov t

Malampaya sale to Udenna units a lost chance for gov t
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DOE, PNOC-EC pitch for more investments in oil/gas – Manila Bulletin

Published May 8, 2021, 5:00 PM The Department of Energy and state-run Philippine National Oil Company-Exploration Corporation (PNOC-EC) have collaboratively called for greater inflow of investments in the country’s upstream petroleum sector if the Philippines would really have to cement its energy security pathway. Nevertheless, for this goal to really advance, both government entities sounded off the need for resolution of legal challenges hamstringing investments in the sector – and that shall include a definitive decision on a pending case at the Supreme Court relating to the legal question raised by the Commission on Audit (CoA) on the income tax treatment of the royalty share of the contractor in the Malampaya gas field project.

Malampaya license extension still hangs

The Duterte administration is now on its last year stretch, but the government still cannot give a definitive timeframe on when the decision on the propounded license extension of the Malampaya project will be laid down. “We don’t have final decision yet of the DOE (Department of Energy) and we’r

After crash of markets, energy sector sees investments revival

Today, I give you pain. Tomorrow, who knows? For industry players in the energy sector, that’s their tale of woe this year given decimated top and bottom lines with demand crash on energy commodities. Onward, uncertainties hold sway. At the height of the lockdown period in March-May, the Department of Energy (DOE) announced that fuel demand plummeted by 60 to 70%; and the sector is still on sluggish recovery.  Homogeneously, power demand also went down by up to 30% at the height of the pandemic’s whip during the summer months. On investments’ terrain, it wasn’t a comfortable narrative for this administration to see the exodus of deep-pocketed investors in the sector. In March, it was American energy giant Chevron Corporation’s disengagement in the multi-billion Malampaya project after unloading its 45% stake to Udenna Corporation of businessman Dennis Uy.  Coming in next is the anticipated exit also of Shell Philippines Exploration B.V. (SPEX), the project operator, in

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