Party List Rep. Mark Sambar on Monday pushed for the sale of the banked gas or the unused gas from the Malampaya gas project in northwest Palawan to reduce power costs.
Sambar, member of the House Committee on Energy, urged state-owned Philippine National Oil Co. to dispose of the gas in order to raise funding for the oil and gas company’s projects.
“We don’t want gas to be stranded… we are worried that the gas will just remain there… we need funds for government projects,” the lawmaker said during the committee hearing Monday.
Sambar said PNOC should find a balance on how to sell the banked gas.
Power rates can drop by around P0.50 per kilowatt-hour if the banked gas is sold today.
PNOC president Reuben Lista said he was willing to sell low if it would reduce the price of electricity. The PNOC board, however, has not announced a decision on the banked gas sale.
PNOC sought out bids for its 97.67 petajoules of banked gas from the Malampaya gas project. The PNOC board said it would come out with a decision on Friday.