^

Business

Prime Infrastructure taps former SPEX exec for Malampaya

Richmond Mercurio - The Philippine Star

MANILA, Philippines — Prime Infrastructure Capital Inc. of tycoon Enrique Razon has tapped a former official of Shell Philippines Exploration B.V. (SPEX) to head its exploration unit, which is poised to take control of the Malampaya deep-water gas-to-power project.

Prime Infra said it has appointed Sebastian Quiniones Jr. as the general manager of Prime Exploration Pte. Ltd.

An upstream industry veteran, Quiniones is the former general manager and managing director of SPEX and one of the first Filipino talents in SPEX to have been put at the helm of a word-class vital installation.

Prime Infra said the appointment of Quiniones bolsters the company’s commitment to strengthening its talent capabilities in the upstream industry as it awaits regulatory consent to acquire the shares of the Malampaya operator.

Prime Exploration signed last July a share purchase agreement acquiring MEXP Holding Pte. Ltd. from Udenna Corp. of Davao businessman Dennis Uy.

MEXP previously inked an agreement with Shell Petroleum N.V. for the 45 percent stake of SPEX in the Malampaya project.

Prime Exploration’s acquisition is still subject to the consent of the PNOC Exploration Corp. and the Department of Energy.

According to Prime Infra, Quiniones will work towards fulfilling the vision of the company in accelerating investments for the expansion of the Malampaya project once such consent is given and it assumes full ownership and control of SPEX.

“We are pleased to welcome Mr. Quiniones to the Prime Infra team. It is a reflection of our commitment to ensure that, upon receiving the necessary regulatory approvals and taking over SPEX, we will deliver outstanding operational performance and further the potential of the service contract,” Prime Infra president and CEO Guillaume Lucci said.

From 2009 to 2016, Quiniones served as SPEX managing director and asset manager overseeing the upgrade of the Malampaya asset, which involved $1 billion for two new production wells, a depletion compression platform, and upgrades at the shallow water platform and on-shore gas plan.

“With his deep industry expertise and unparalleled experience, I am confident that Mr. Quiniones will help ensure that a critical power asset is steered to further development and progress,” Lucci said.

One of the country’s most important power assets, Malampaya produces natural gas to power plants in Batangas City that account for around 20 percent of the country’s total electricity requirements.

It began operations in 2001, with the consortium’s license for the project set to expire in 2024.

SPEX

Philstar
  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

FORGOT PASSWORD?
SIGN IN
or sign in with