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Malampaya generates $11.9B in revenues after nearly 2 decades on May 5, 2021 at 12:39 pm
The Malampaya gas production facility yielded a total of $11.9 billion (around Php573 billion) in revenues with the national government receiving the bulk worth Php325 billion, as of end-December 2020, the Department of Energy (DOE) reported.
Based on a Manila Bulletin article, government-owned PNOC-Exploration Corporation (PNOC-EC) remitted Php20.8 billion in dividends to the Bureau of the Treasury last year.
PNOC-EC President and CEO Rozzano Briguez said that the $11.9 billion revenue from the Malampaya venture surpassed the initial projected revenue of $10 billion for the entire project duration. Malampaya’s Service Contract 38 began commercial operations in 2001 and is expected to end in 2024.
Phoenix slashes 2021 capex by nearly half on April 21, 2021 at 11:49 am
Phoenix Petroleum has cut down its capital expenditure (capex) for 2021 to Php800 million, nearly half its Php1.5 billion allocation in 2020 to save cash and rationalize spending.
Based on a report from BusinessMirror, Phoenix Petroleum Vice President for External Affairs Raymond Zorrilla said the lower capex for this year will allow the country’s third-largest oil firm to focus on its expansion plans and take advantage of existing assets and capital line strategy.
Phoenix’s capex for 2020 was actually half of the Php3 billion it programmed for the year.
This year’s capex would be sourced from internal funds and will include the carry-over budget from 2020 and growth capex for liquefied petroleum gas (LPG) and retail.