The agreement is effective from 1 March 2023 to 24 February 2024. Credit: Charlie Hang on Unsplash.

Prime Energy Resources Development has signed an agreement to supply condensate from the Malampaya gas field offshore north-west Palawan, Philippines, to Abu Dhabi National Oil Company Global Trading (AGT).

AGT is a joint venture between Italian energy company Eni, oil company Adnoc, and the Republic of Austria.

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The agreement is effective from 1 March 2023 to 24 February 2024.

Prime Energy managing director and general manager Donnabel Cruz said: “This agreement with AGT establishes our force in the global petroleum industry, and we are privileged that AGT, one of the top oil companies across the globe, has decided to partner and grow with us.

“Prime Energy and AGT share the same responsibility of harnessing our natural resources to transform societies around the world by providing resilient infrastructure to create a better future.”

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Prime Energy is the main operator of the Malampaya deepwater gas-to-power project, which is said to be one of the country’s most important power assets.

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The project produces natural gas for power plants in Batangas City, as well as extracts and exports condensate primarily used as refinery feedstocks for motor and heating fuels.

In a statement, Prime Energy said: “With a growing range of customer base, including foreign industry players, Prime Energy ensures a steady supply of energy in the country while making significant contributions to stakeholder communities through sustainable social and environmental programmes.”

Formerly known as Shell Philippines Exploration, Prime Energy is a subsidiary of Prime Infrastructure Capital.

Adnoc subsidiary Adnoc Drilling Company recently signed an agreement to purchase six new-build hybrid power land rigs.

The new hybrid power rigs will be constructed by Honghua Golden Coast.