Pertamina, the state-owned energy company of Indonesia, is assessing potential LNG ventures in the Philippines, reported BusinessWorld, citing the Board of Investments (BoI).
The company’s initial focus will be on the transportation and storage of LNG, with possibilities of expanding into exploration, production and distribution.
Go deeper with GlobalData
In a statement, BoI, an investment promotion agency, said: “The company has shared its plans to initially focus on midstream operations before potentially expanding into upstream (exploration and production) and downstream (distribution and sales) activities.”
Separately, the Philippine National Oil Company (PNOC) announced that it signed a memorandum of understanding with Pertamina last week.
The PNOC said: “This alliance aims to advance collaborative development in LNG and any other possible cooperation and collaboration in energy sectors that may be mutually agreed by both companies, marking both countries’ commitment to energy economic growth and a low-carbon future in the region.”
Under the alliance, PNOC and Pertamina will explore LNG opportunities such as developing infrastructure to cater to the increasing energy demands in both countries.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe agreement also encompasses knowledge exchange and market intelligence collaboration in commodities, sea transportation, regasification terminals, and energy demand and supply trends.
Both companies are set to explore commercial opportunities in hydrocarbon products, biofuels and sustainable aviation fuel production.
Furthermore, PNOC and Pertamina will conduct studies to identify ways to improve efficiency, reduce costs and strengthen their collaboration in the energy sector.
In May, reports indicated that Pertamina and ExxonMobil would begin appraisal drilling for a carbon capture and storage hub in Indonesia.
A joint study by the two companies found that the Asri Basin in Pertamina’s Offshore South East Sumatra block could potentially store up to three gigatonnes of CO₂, requiring an investment of around $2bn (Rp31.82trn).
