The Malampaya consortium led by Shell Philippines Exploration B.V. (SPEX) is being asked to return the $1.2 billion payment for the 70 petajoules (PJ) of banked gas that had been sold by state-run Philippine National Oil Company (PNOC) if the “stored fuel” in its reservoir can no longer be lifted an
State-run Philippine National Oil Co. is eyeing an interim strategic petroleum reserve through a co-storage, co-distribution program with oil players as immediate relief to vulnerable sectors amid rising fuel prices.