First Gen Corp., the power generation flagship of the Lopez Group, said Monday it awarded a contract to CNOOC Gas and Power Trading & Marketing Ltd. for the delivery of 130,000 cubic meters of liquefied natural gas after a recent tender.
Financial details of the contract weren’t disclosed.
The LNG cage will be delivered in May 2024 on a delivered ex-ship basis to FGEN’s wholly-owned subsidiary, First Gen Singapore Pte. Ltd. The LNG cargo to be provided by CNOOC will be delivered by an LNG carrier which will be unloaded into the storage tanks of the BW Batangas FSRU that is currently berthed at the First Gen Clean Energy Complex in Batangas City.
The LNG will fuel by FGEN’s existing gas-fired power plants also located in Batangas. The listed power generation company has four gas-fired power plants with a combined capacity of 2,017 MW that have been supplied for many years with gas from the Malampaya natural gas field.
FGEN LNG Corp. has constructed an interim Offshore LNG Terminal and executed a 5-year charter of the BW Batangas, which will provide LNG storage and regasification services as part of the project. The FGEN LNG Terminal will accelerate the ability to introduce LNG to the Philippines, to serve the natural gas requirements of existing and future gas-fired power plants of third parties and FGEN’s affiliates.
FGEN believes the LNG terminal will play a critical role in ensuring the energy security of the Luzon grid and the whole Philippines.
