Ayala-led oil and gas exploration firm Enex Energy Corp. remains keen on building a liquefied natural gas (LNG)-fired power plant in Batangas but has yet to secure an off-take contract for its output.
“The company continues to make progress in the downstream sector. Our investee company, Batangas Clean Energy (BCE), continues to develop the 1,100-megawatt combined-cycle gas turbine project in Batangas province, which is awaiting the competitive selection process in order to secure a customer off-take contract,” said Eric Francia, Enex chairman, during the company’s annual stockholders’ meeting last week.
Enex has a 50 percent economic interest in BCE with the other 50 percent interest held by Singapore-based firm Gen X Energy owned by the American private equity firm Blackstone.
Earlier, Enex emphasized that affiliate firm ACEN will not be involved in the LNG power plant project, the enterprise being fully set as a purely renewable energy company by 2025.
Besides, Francia said, the company is focused on its other asset, service contract 55.
“The company will focus on its two assets, namely SC55 and BCE and we will look to unlock value at the opportune time,” Francia said.
The Department of Energy (DOE) earlier placed SC 55 under force majeure beginning 6 December 2022 until such time that a clearance to proceed with exploration activities in the West Philippine Sea has been issued by the national government.
The DOE estimates that SC 55 in Palawan has 2.2 trillion cubic feet of natural gas.
