Around 12 foreign companies have expressed interest to acquire the government’s banked gas from the Malampaya natural gas field in northwest Palawan, an official said Thursday. PNOC earlier bared plans to trade the government’s banked gas in the international market to provide funding for the planned liquefied natural gas project in the country. We have equity from the banked gas and that is the direction we are tying to adapt. Lista said PNOC could sell the banked gas below the price of natural gas sold to the Ilijan natural gas plant. PNOC earlier informed Congress that trading the banked gas outside of the country “is an offshoot of a realization that a domestic sale of the banked gas may pose some difficulty.”The unused Malampaya natural gas, or banked gas, is stored in the Malampaya reservoir and is owned by PNOC.

Source: The Standard September 14, 2017 11:48 UTC