Lloyds Energy received a letter from the Philippine National Oil Company that its unsolicited proposal for the PNOC Batangas Bay energy hub project has been declared complete.
Following the completeness check, PNOC will now evaluate the proposal in accordance with the same law, documentary requirements stated in the build operate and transfer (BOT) law and its revised implementing rules and regulations.
Lloyds Energy was the first company to submit an unsolicited proposal to the PNOC for the development and construction of an integrated LNG hub with storage, liquefaction, regasification and distribution facility, as well as a power plant capacity of 200 to 800 megawatts (MW).
Several companies also previously submitted unsolicited proposals to the PNOC but following the “first in time” approach under the BOT law, it is the proposal of Lloyds Energy that is currently being evaluated by the technical working group of the PNOC.
The Batangas Bay LNG hub project of the PNOC is envisioned to turn the Philippines into a hub for LNG amid the expected depletion of natural gas from the Malampaya gas field in Palawan and the expiration in 2024 of service contract 38 issued to the consortium of Shell, Chevron and PNOC-EC for the operation of Malampaya.