Philippine Billionaire Enrique Razon, Partners Spending $893 Million To Develop Malampaya Amid New Gas Discovery [Forbes]
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Source: Forbes
Prime Energy—controlled by ports and casino tycoon Enrique Razon Jr. 's Prime Infra Holdings —and its partners will invest $893 million to drill more offshore wells after announcing a new gas reserve discovery in Malampaya, the Philippines' only producing offshore natural gas field. The amount is the total investment for the fourth phase of Malampaya's development, Prime Infra said in reply to Forbes Asia 's query. It covers the drilling of several new wells including the Malampaya East-1 where a new natural gas field was recently discovered. Drilling at the newly discovered Malampaya East-1, a previously untapped reservoir, has confirmed the presence of 98 billion cubic feet of additional natural gas volume and associated condensate, Prime Infra said in a statement. “Initial well data indicates volumes equivalent to around one-third of the remaining (productive) Malampaya gas volumes,” the company said. The newly discovered reservoir may extend the life of Malampaya, whose c
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