Several lawmakers pushed yesterday the development of the country’s downstream natural gas industry to help meet its fast-rising energy demand and cushion future spikes in fuel prices.
House Bill 4097, if enacted, would put a regulatory framework to aid the transition of the country’s emerging natural gas industry to a fully developed sector.
Davao Rep. Paolo Duterte, Benguet Rep. Eric Yap, and ACT-CIS Representatives Edvic Yap and Jeffrey Soriano are the principal authors of the proposed measure.
The Davao solon asserted that Congress must swiftly pass the bill and other similar measures to prepare for the increased demand for electricity resulting from the nation’s rapid post-pandemic growth.
Natgas losing steam
Production levels in the Malampaya gas field are predicted to fall significantly over the coming years.
The Malampaya deep water gas-to-power plant — regarded as the country’s biggest energy success story — marked the beginning of the natural gas business in the country.
It has contributed over $12 billion in revenues to the government and is responsible for delivering about 20 percent of the country’s electricity requirements.
However, the authors stressed that its dwindling gas reserves could lead to the country importing liquified natural gas if there were no other alternatives.
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