First Gen Corporation has indicated the delivery of liquefied natural gas (LNG) in October could be the company’s final LNG tender for 2024. This was announced by Vincent Villegas, senior vice president and chief revenue officer of First Gen, at the 4th Philippine Natural Gas Investment Summit held Tuesday.
“We’re not expecting more LNG tenders this year, though it could change depending on utilization,” Villegas told reporters. He also said the company does not foresee a need for further LNG orders in the near term. Villegas, who also heads First Gen’s business development for LNG, said the company’s supply needs have stabilized.
In October, First Gen took delivery of 154,500 cubic meters of LNG under a “delivered ex-ship” contract at Subic Bay Freeport in Zambales. This will be unloaded at the BW Batangas floating storage regasification unit where it will be used to fuel the company’s gas-fired power plants in Batangas that collectively have a capacity of 2,017 megawatts (MW).
The delivery is part of First Gen’s strategy that includes the construction of an interim offshore LNG terminal by its subsidiary, FGEN LNG Corp. This terminal is designed to support both First Gen’s power plants and third-party operators, ensuring a reliable supply of natural gas as part of the company’s long-term energy plans.
