Phinma eyes energy ventures in RI, Australia

Philippines-based Phinma Energy Corp., formerly known as Trans-Asia Oil and Energy Development Corp., is eyeing three companies for possible farm-in agreements for oil and gas fields in West Australia and Sumatra, Indonesia, according to a local report.

?Actually, we engaged a consultant to shortlist assets? We had a lot of criteria, it must be producing or near production since income return will come from them. The country risk, fiscal, economics and other things are also considered,? Raymundo Reyes Jr., Phinma Energy senior vice president, said on the sidelines of the company?s recent stockholders meeting as reported by malaya.com.ph.

Reyes said the company has shortlisted specific areas which it cannot disclose due to confidentiality restrictions. But he said the final assessment will be released within the year since it will only take two to three months to evaluate problems in each area.

Phinma Energy said from the three prospects, two are in Australia and one is in Indonesia. All are operated by private firms.

The company also recently announced it is conducting a pre-feasibility study for the construction of a P23-billion liquefied natural gas import terminal at a prospective site in Sual, Pangasinan.

The company said the facility will likely have 0.5 million metric tons per annum capacity and is expected to be completed as early as 2018 if the energy officials will implement a firm energy mix plan. The facility is also intended to supply gas for power generation of up to 500 megawatts as well as for industrial, commercial and transport applications.(*)